<SEC-DOCUMENT>0001206774-22-002786.txt : 20221208
<SEC-HEADER>0001206774-22-002786.hdr.sgml : 20221208
<ACCEPTANCE-DATETIME>20221208113416
ACCESSION NUMBER:		0001206774-22-002786
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221208
DATE AS OF CHANGE:		20221208
EFFECTIVENESS DATE:		20221208

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		221451788

	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-CSRS
<SEQUENCE>1
<FILENAME>mimcef4129501-ncsrs.htm
<DESCRIPTION>CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

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

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

<P align=center><B><FONT size=2 face="Times New Roman">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<BR>INVESTMENT COMPANIES </FONT></B></P>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Investment Company Act file number:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">811-07410</FONT></TD></TR>
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   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Exact name of registrant as specified in charter:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Delaware Investments National Municipal</FONT></TD></TR>
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   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Income Fund</FONT></TD></TR>
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   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Address of principal executive offices:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">610 Market Street</FONT></TD></TR>
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   <TD width="50%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Philadelphia, PA 19106</FONT></TD></TR>
<TR>
   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">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>
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   <TD width="50%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Philadelphia, PA 19106</FONT></TD></TR>
<TR>
   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Registrant&#8217;s telephone number, including area code:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">(800) 523-1918</FONT></TD></TR>
<TR>
   <TD width="50%" noWrap align=left>&nbsp;</TD>
   <TD width="49%" noWrap align=left></TD></TR>
<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>
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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date of reporting period:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">September 30, 2022</FONT></TD></TR></TABLE>
   <BR>

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<P style="text-align: left;">
<FONT size=2 face="Times New Roman">Item 1. Reports to Stockholders</FONT></P>
<!--REPORT-->
<P align ="left"><font size=2 face=Arial><A HREF="#toc"><B>Table of Contents</B></A></FONT></P>

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   <IMG border=0 src="mimcef4129501-ncsrs1x1x1.jpg"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
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   <TD width="100%" colSpan=2 noWrap align=right><B><FONT size=5 face=Arial>Semiannual report</FONT></B></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=right>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=Arial>Closed-end fund</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

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   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: left; padding-bottom: 6pt"><FONT size=3 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>September 30, 2022</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
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   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
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   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=4 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD COLSPAN="2" STYLE="padding-top: 3pt; width: 100%; white-space: nowrap; text-align: left; padding-bottom: 3pt">&nbsp;</TD></TR></TABLE>

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

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

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


<P style="TEXT-ALIGN: left"><B><FONT size=6 face=Arial><A NAME="toc"></A>Table of contents</FONT></B></P>
<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="98%" noWrap align=left><A HREF="#fundbasics"><B><FONT size=2 face=Arial>Fund basics</FONT></B></A></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=right><A HREF="#fundbasics"><B><FONT size=2 face=Arial>1</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><A HREF="#securitytypesectorstateterritoryallocations"><B><FONT size=2 face=Arial>Security type / sector / state / territory allocations</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#securitytypesectorstateterritoryallocations"><B><FONT size=2 face=Arial>2</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><A HREF="#scheduleofinvestments"><B><FONT size=2 face=Arial>Schedule of investments</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#scheduleofinvestments"><B><FONT size=2 face=Arial>3</FONT></B></A></TD></TR>
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   <TD width="98%" noWrap align=left><A HREF="#statementofassetsandliabilities"><B><FONT size=2 face=Arial>Statement of assets and liabilities</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#statementofassetsandliabilities"><B><FONT size=2 face=Arial>17</FONT></B></A></TD></TR>
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   <TD width="98%" noWrap align=left><A HREF="#statementofoperations"><B><FONT size=2 face=Arial>Statement of operations</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#statementofoperations"><B><FONT size=2 face=Arial>18</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><A HREF="#statementsofchangesinnetassets"><B><FONT size=2 face=Arial>Statements of changes in net assets</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#statementsofchangesinnetassets"><B><FONT size=2 face=Arial>19</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><A HREF="#statementofcashflows"><B><FONT size=2 face=Arial>Statement of cash flows</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#statementofcashflows"><B><FONT size=2 face=Arial>20</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><A HREF="#financialhighlights"><B><FONT size=2 face=Arial>Financial highlights</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#financialhighlights"><B><FONT size=2 face=Arial>21</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><A HREF="#notestofinancialstatements"><B><FONT size=2 face=Arial>Notes to financial statements</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#notestofinancialstatements"><B><FONT size=2 face=Arial>22</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><A HREF="#otherfundinformation"><B><FONT size=2 face=Arial>Other Fund information</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#otherfundinformation"><B><FONT size=2 face=Arial>29</FONT></B></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><A HREF="#abouttheorganization"><B><FONT size=2 face=Arial>About the organization</FONT></B></A></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><A HREF="#abouttheorganization"><B><FONT size=2 face=Arial>36</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 September 30, 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="fundbasics"></A>Fund basics</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As of September 30, 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>$234 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>364</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: right"><FONT size=2 face=Arial>1</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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


<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="securitytypesectorstateterritoryallocations"></A>Security type / sector / state / territory allocations</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As of September 30, 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>
<DIV align=left>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="97%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>Percentage</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="97%" noWrap align=left><FONT size=2 face=Arial>Security type / sector</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>of net assets</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><B><FONT size=2 face=Arial>Municipal Bonds*</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial>155.78%</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Corporate Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>11.88%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Education Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>16.87%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Electric Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>8.62%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Healthcare Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>40.46%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Housing Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.83%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Lease Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9.26%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Local General Obligation Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6.58%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.09%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Special Tax Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>28.59%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>State General Obligation Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6.43%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Transportation Revenue Bonds</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.34%</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="97%" noWrap align=left><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds</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>7.83%</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="97%" noWrap align=left><B><FONT size=2 face=Arial>Total Value of Securities</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=2 face=Arial>155.78%</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="97%" noWrap align=left><B><FONT size=2 face=Arial>Liquidation Value of Preferred**</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=2 face=Arial>(57.58%</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="97%" noWrap align=left><B><FONT size=2 face=Arial>Receivables and Other Assets Net of Liabilities</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=2 face=Arial>1.80%</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="97%" noWrap align=left><B><FONT size=2 face=Arial>Total Net Assets</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=2 face=Arial>100.00%</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR></TABLE><BR></DIV>
<DIV>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

<TR>
   <TD STYLE="vertical-align: top; width: 1%; padding-right: 4pt">
   <P><FONT size=2 face=Arial>*</FONT></P></TD>
   <TD vAlign=top width="99%">

   <P style="TEXT-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></P></TD></TR></TABLE><BR></DIV>
<DIV align=left>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="98%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>Percentage</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="98%" noWrap align=left><FONT size=2 face=Arial>State / territory</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>of net assets</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Alabama</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.76%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Arizona</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6.36%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>California</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7.62%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Colorado</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>19.81%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>District of Columbia</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.18%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Florida</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9.35%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Georgia</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.35%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Guam</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.82%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Idaho</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.78%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Illinois</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6.24%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Indiana</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.24%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Iowa</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.57%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Kansas</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.08%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Louisiana</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.83%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Maryland</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.31%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Massachusetts</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.21%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Michigan</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.72%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Minnesota</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>36.57%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Missouri</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.13%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Montana</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.74%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Nebraska</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.10%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>New Jersey</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.75%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>New York</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.51%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Ohio</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.71%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Oregon</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.22%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Pennsylvania</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>7.65%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Puerto Rico</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>24.67%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Texas</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.14%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>US Virgin Islands</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.27%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Utah</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.27%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="98%" noWrap align=left><FONT size=2 face=Arial>Virginia</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.83%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="98%" noWrap align=left><FONT size=2 face=Arial>Wisconsin</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>0.99%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="98%" noWrap align=left><B><FONT size=2 face=Arial>Total Value of Securities</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=2 face=Arial>155.78%</FONT></B></TD></TR></TABLE><BR></DIV>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>

<TR>
   <TD STYLE="vertical-align: top; width: 1%; padding-right: 4pt">
   <P><FONT size=2 face=Arial>**</FONT></P></TD>
   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>More information regarding the Fund&#8217;s use of preferred shares as leverage is included in Note 4 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 a higher return or its investment objectives through the use of such leverage.</FONT></P></TD></TR></TABLE>
<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="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>September 30, 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="92%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial>Principal</FONT></B></TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" colSpan=2 noWrap align=right><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="95%" colSpan=4 noWrap align=left><B><FONT size=2 face=Arial>Municipal Bonds &#8212; 155.78%</FONT></B></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></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=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="95%" colSpan=4 noWrap align=left><FONT size=2 face=Arial>Corporate Revenue Bonds &#8212; 11.88%</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Arizona Industrial Development</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>
   <TD width="1%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Authority Revenue</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Legacy Cares, Inc. Project)</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>
   <TD width="1%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Series A 144A 7.75%</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>
   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>7/1/50 #</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>725,000</FONT></TD>
   <TD width="1%" noWrap align=right></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>701,641</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Buckeye, Ohio Tobacco</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Settlement Financing Authority</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A-2 3.00% 6/1/48</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>985,000</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>659,763</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>California Empire Tobacco</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Securitization</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series E</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>144A 0.63% 6/1/57 #, ^</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,900,000</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>188,253</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series F</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>144A 0.778% 6/1/57 #, ^</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,500,000</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>101,200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Central Plains Energy Project</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Revenue, Nebraska</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Project No. 3)</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 9/1/36</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>225,000</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>222,644</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Chandler, Arizona Industrial</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Development Authority</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>5.00% 9/1/42 (AMT) &#9679;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,825,000</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>&nbsp;&nbsp; 2,924,525</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Commonwealth Financing</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Authority Revenue,</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Pennsylvania</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Tobacco Master Settlement</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Payment)</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" 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="1%" noWrap align=right><FONT size=2 face=Arial>1,015,000</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>946,305</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Florida Development Finance</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Surface Transportation</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Facilities Revenue</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>
   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Brightline Passenger Rail</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>
   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Project)</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>
   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Series B 144A 7.375%</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>
   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>1/1/49 (AMT) #</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>680,000</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>587,717</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Virgin Trains USA Passenger</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>
   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Rail Project)</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>
   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 144A 6.50%</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>
   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>1/1/49 (AMT) #, &#9679;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>475,000</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>404,686</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Geo. L. Smith II Georgia World</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Congress Center Authority</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Revenue</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Convention Center Hotel First</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Tier)</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>
   <TD width="1%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 1/1/54</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,750,000</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,637,787</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Golden State, California Tobacco</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Securitization Settlement</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 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 STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Capital Appreciation)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Subordinate Series</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR 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="92%" noWrap align=left><FONT size=2 face=Arial>B-2 1.089% 6/1/66 ^</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>15,000,000</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>1,317,150</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Hoover, Alabama Environmental</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Improvement 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 STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(United States Steel 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 STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>5.75% 10/1/49 (AMT)</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=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,039,120</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Iowa Finance Authority</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Midwestern Disaster Area</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 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 STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Fertilizer Company 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 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="92%" noWrap align=left><FONT size=2 face=Arial>5.00% 12/1/50 &#9679;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,485,000</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>1,344,742</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>M-S-R Energy Authority 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 STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Gas 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 STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series B 6.50% 11/1/39</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>289,102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series C 7.00% 11/1/34</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=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,183,770</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>New York Liberty Development</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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="93%" colSpan=2 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 STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Goldman Sachs Headquarters</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Issue)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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="92%" noWrap align=left><FONT size=2 face=Arial>5.50% 10/1/37</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,130,000</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>2,255,180</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>New York 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 STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Development</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Delta Air Lines, Inc. -</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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 width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>LaGuardia Airport Terminals</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>C&amp;D Redevelopment</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>4.00% 1/1/36 (AMT)</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=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>663,255</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Public Authority for Colorado</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Energy Natural Gas 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 STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>6.25% 11/15/28</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>865,000</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>917,981</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>6.50% 11/15/38</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,250,000</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,567,273</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Public Finance Authority,</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Wisconsin Hotel 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 STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Grand Hyatt San Antonio Hotel</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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 width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Acquisition 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 STYLE="vertical-align: bottom">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 2/1/62</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,475,000</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>1,272,733</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Shoals, Indiana Exempt 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 STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 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 STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(National Gypsum 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 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="92%" noWrap align=left><FONT size=2 face=Arial>7.25% 11/1/43 (AMT)</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>314,309</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>3</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>


<!-- part 02 -->
<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</FONT><BR>
<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="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="92%" 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>&nbsp;&nbsp;&nbsp; </TD>

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

<TR vAlign=bottom>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" colSpan=2 noWrap align=right><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 95%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial><B><FONT size=2 face=Arial><B><FONT size=2 face=Arial></FONT></B></FONT></B></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="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial><FONT size=2 face=Arial></FONT></FONT></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Corporate Revenue Bonds (continued)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 94%; 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>Tobacco Securitization Authority 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>

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<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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Southern California</FONT></TD>

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

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

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   <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"><FONT size=2 face=Arial></FONT></TD>

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   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(San Diego County)</FONT></TD>

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   <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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Capital Appreciation Second</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Subordinate</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series C 1.105% 6/1/46 ^</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>3,235,000</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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>456,523</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Capital Appreciation Third</FONT></TD>

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   <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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Subordinate</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series D 1.183% 6/1/46 ^</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>3,015,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>332,434</FONT></TD></TR>

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

   <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>Tobacco Settlement Financing,</FONT></TD>

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

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

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   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Louisiana</FONT></TD>

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

<TR vAlign=bottom>

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   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.25% 5/15/35</FONT></TD>

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

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>468,680</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: 94%; 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>Tobacco Settlement 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>New Jersey</FONT></TD>

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

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

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

   <TD STYLE="width: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Senior Series A 5.00% 6/1/46</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>130,000</FONT></TD>

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

   <TD STYLE="width: 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>122,363</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>TSASC Revenue, New York</FONT></TD>

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<TR vAlign=bottom>

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   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Senior)</FONT></TD>

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

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<TR vAlign=bottom>

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

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Fiscal 2017 Series A 5.00%</FONT></TD>

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

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

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<TR vAlign=bottom>

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   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>6/1/41</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>60,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>60,413</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: 94%; 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>Tuscaloosa County, Alabama</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Development Authority Golf</FONT></TD>

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

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

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

   <TD STYLE="width: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Opportunity Zone</FONT></TD>

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   <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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Hunt Refining 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 144A 5.25%</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5/1/44 #</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,935,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,634,630</FONT></TD></TR>

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

   <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>Valparaiso, Indiana Exempt</FONT></TD>

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   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>

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

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

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   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Pratt Paper LLC Project)</FONT></TD>

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<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="92%" noWrap align=left><FONT size=2 face=Arial>7.00% 1/1/44 (AMT)</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>240,000</FONT></TD>

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

   <TD 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>246,792</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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

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

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>27,860,971</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=4 noWrap align=left><FONT size=2 face=Arial><FONT size=2 face=Arial><FONT size=2 face=Arial></FONT></FONT></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Education Revenue Bonds &#150; 16.87%</FONT></TD>

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

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

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

   <TD COLSPAN="3" STYLE="width: 94%; 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>Arizona Industrial Development</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; 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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><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; background-color: Silver"></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Foundation 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>144A 6.00% 7/1/47 #</FONT></TD>

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

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>332,660</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Leman Academy of Excellence</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>of 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: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.50% 7/1/54</FONT></TD>

   <TD STYLE="width: 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>1,115,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>903,808</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Bethel, Minnesota Charter School</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Lease Revenue</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Spectrum High School Project)</FONT></TD>

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

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

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

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

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 4.375% 7/1/52</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,100,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>863,467</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: 94%; 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>Board of Trustees For Colorado</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Mesa University Enterprise</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; 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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series B 5.00% 5/15/49</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>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>781,740</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Brooklyn Park, Minnesota Charter</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=left></TD>

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>School Lease Revenue</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Prairie Seeds Academy</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>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><FONT size=2 face=Arial></FONT></TD>

   <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>Series A 5.00% 3/1/34</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>990,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>922,165</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 3/1/39</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=right><FONT size=2 face=Arial></FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>151,256</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: 94%; 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>California 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"><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: 93%; 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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Loma Linda 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 4/1/47</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>514,005</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Stanford University - Green</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Bonds)</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series V-2 2.25% 4/1/51</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>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>283,745</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Stanford 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series V-1 5.00% 5/1/49</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>1,900,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>2,081,241</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Colorado Educational &amp; 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><FONT size=2 face=Arial></FONT></TD>

   <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>Facilities Authority Revenue</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Aspen View Academy Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>4.00% 5/1/41</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>175,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>141,094</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Aspen Ridge</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>School Project)</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 144A 5.00% 7/1/36 #</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><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>478,855</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 144A 5.25% 7/1/46 #</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><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>465,345</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Community</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Leadership Academy, Inc.</FONT></TD>

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

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

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Second Campus 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><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="92%" noWrap align=left><FONT size=2 face=Arial>7.45% 8/1/48</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>510,175</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Global Village</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Academy - Northglenn</FONT></TD>

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

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

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>144A 5.00% 12/1/50 #</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>475,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>380,860</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Liberty</FONT></TD>

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

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

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Common 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 1/15/44</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,001,640</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Peak to Peak</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Charter School Project)</FONT></TD>

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

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

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

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

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>5.00% 8/15/34</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,017,390</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School -</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Science Technology</FONT></TD>

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

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

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

   <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>Engineering and Math (STEM)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>School Project)</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.00% 11/1/54</FONT></TD>

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

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>616,658</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.125% 11/1/49</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>765,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>695,033</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - Skyview</FONT></TD>

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

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

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Academy Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>144A 5.50% 7/1/49 #</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>750,000</FONT></TD>

   <TD width="1%" noWrap align=right><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>728,460</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Charter School - University</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Lab School Building)</FONT></TD>

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

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

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><FONT size=2 face=Arial>144A 5.00% 12/15/45 #</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>491,090</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Vail Mountain School Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>4.00% 5/1/46</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>25,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>19,815</FONT></TD></TR></TABLE>


<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>



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



<TR vAlign=bottom>

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

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

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

   <TD width="92%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

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

<TR vAlign=bottom>

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

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

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

   <TD STYLE="width: 92%; 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"><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><FONT size=2 face=Arial></FONT></B></TD>

   <TD COLSPAN="2" STYLE="width: 2%; 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: 95%; 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="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial></FONT></B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD width="95%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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="3" STYLE="width: 94%; 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"><FONT size=2 face=Arial></FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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 COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series B 5.00% 12/1/42</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>270,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>270,267</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Deephaven, Minnesota Charter</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>School</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Eagle Ridge Academy Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.25% 7/1/37</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>590,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>578,678</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 5.25% 7/1/40</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>483,705</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: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Duluth, Minnesota Housing &amp;</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-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: 93%; 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"><FONT size=2 face=Arial></FONT></TD>

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

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

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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 COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Duluth Public Schools</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Academy Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 11/1/48</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,200,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,037,100</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Florida Development Finance</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Educational Revenue</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(River City Science Academy</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>5.00% 7/1/51</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>395,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>358,968</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 2/1/57</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>575,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>507,265</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 7/1/57</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>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="1%" noWrap align=right><FONT size=2 face=Arial>552,446</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 7/1/51</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>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="1%" noWrap align=right><FONT size=2 face=Arial>545,668</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 6/15/56</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>655,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>622,879</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: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Forest Lake, Minnesota Charter</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>School Revenue</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Lake International Language</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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 COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Academy Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.375% 8/1/50</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>915,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>855,552</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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.75% 8/1/44</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>705,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>705,416</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="94%" 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="1%" noWrap align=left></TD>

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

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

   <TD width="92%" 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="1%" noWrap align=left></TD>

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

   <TD width="92%" 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="1%" noWrap align=left></TD>

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

   <TD width="92%" 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="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>396,304</FONT></TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="93%" 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="1%" noWrap align=left></TD>

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

   <TD width="92%" 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="1%" noWrap align=left></TD>

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

   <TD width="92%" 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="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>510,855</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: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Louisiana Public Facilities</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-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: 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"><FONT size=2 face=Arial></FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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 COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(Provident Group - Flagship</FONT></TD>

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

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

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

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

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Properties LLC - Louisiana</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>State University Nicholson</FONT></TD>

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

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

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

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

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Gateway Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 7/1/56</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>493,235</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD width="94%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Maricopa County, Arizona</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Industrial Development</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Authority County</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(Highland Prep Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 7/1/29</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>315,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>311,620</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: 94%; 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>Maricopa County, Arizona</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Industrial Development</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority County</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Highland Prep Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 7/1/31</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>345,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>333,329</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 7/1/33</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>375,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>353,528</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 7/1/35</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>405,000</FONT></TD>

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

   <TD STYLE="width: 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>374,459</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 7/1/37</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>440,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>400,457</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 7/1/39</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>480,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>429,739</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 7/1/41</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>520,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>458,068</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Massachusetts Development</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Finance Agency</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>(Umass Boston Student</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><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="92%" 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="1%" noWrap align=right><FONT size=2 face=Arial>285,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>247,716</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: 94%; 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>Minneapolis, Minnesota Student</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Housing Revenue</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Riverton Community Housing</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.25% 8/1/39</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>205,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>201,169</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.50% 8/1/49</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>990,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>970,863</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Minnesota Higher Education</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Facilities Authority Revenue</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>(Carleton College)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>4.00% 3/1/36</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>485,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>475,751</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.00% 3/1/44</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>555,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>576,534</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="93%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><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="92%" 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="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>498,780</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="93%" 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="1%" noWrap align=left></TD>

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

   <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>4.00% 3/1/42</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>900,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>833,706</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="93%" 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="1%" noWrap align=right><FONT size=2 face=Arial>600,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>534,204</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="93%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><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="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>793,831</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(St. John's University)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>4.00% 3/1/36</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>410,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>378,442</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="93%" 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="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>241,305</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="93%" 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="1%" noWrap align=left></TD>

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

   <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>University of Minnesota)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Series A 4.00% 10/1/38</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>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="1%" noWrap align=right><FONT size=2 face=Arial>838,801</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>1,000,636</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="93%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><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="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>458,970</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: 94%; 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>Montana Board of Regents of</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Higher Education</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(The University of Montana)</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.25% 11/15/52 (AGM)</FONT></TD>

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

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,067,580</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Otsego, Montana Charter School</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Lease Revenue</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>(Kaleidoscope Charter School)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Series A 5.00% 9/1/34</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>230,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>212,828</FONT></TD></TR></TABLE>


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

   <TD width="92%" 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>&nbsp;&nbsp;&nbsp; </TD>

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

<TR vAlign=bottom>

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" colSpan=2 noWrap align=right><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 95%; 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></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" 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>Education Revenue Bonds (continued)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 94%; 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>Otsego, Montana Charter School</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: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Lease 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Kaleidoscope Charter School)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 9/1/44</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>400,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>345,020</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Philadelphia, Pennsylvania</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" 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></TD>

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

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

   <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>Development</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>(First Philadelphia Preparatory</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Charter School Project)</FONT></TD>

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

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

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

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

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 7.25% 6/15/43</FONT></TD>

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

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>386,594</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: 94%; 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>Pima County, Arizona 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Edkey Charter Schools</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>144A 5.00% 7/1/49 #</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>430,500</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Regents of the University of</FONT></TD>

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

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

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

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

   <TD width="1%" noWrap align=left></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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>California General 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><FONT size=2 face=Arial></FONT></TD>

   <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>Series AI 5.00% 5/15/32</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,011,040</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: 94%; 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. Cloud, Minnesota Charter</FONT></TD>

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

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>School Lease 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Stride Academy 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 4/1/46</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>375,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>254,284</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>St. Paul, Minnesota Housing &amp;</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Redevelopment 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><FONT size=2 face=Arial></FONT></TD>

   <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>Charter School Lease Revenue</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>(Academia Cesar Chavez</FONT></TD>

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

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

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><FONT size=2 face=Arial>School Project)</FONT></TD>

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

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

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

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

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.25% 7/1/50</FONT></TD>

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

   <TD width="1%" 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></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>672,400</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Great River School Project)</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 144A 4.75% 7/1/29 #</FONT></TD>

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

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>97,682</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 144A 5.50% 7/1/38 #</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>240,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>239,227</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Twin Cities Academy Project)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.30% 7/1/45</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>630,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>584,426</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: 94%; 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, Minnesota 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Health Care Facilities Revenue</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Amherst H. Wilder Foundation</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.00% 12/1/36</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>747,690</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Westchester County, New York</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Local Development Revenue</FONT></TD>

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

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

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

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

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Pace University)</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 5/1/34</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=right><FONT size=2 face=Arial></FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>1,491,765</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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

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

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

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>39,551,784</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" 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>Electric Revenue Bonds &#150; 8.62%</FONT></TD>

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

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

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

   <TD COLSPAN="3" STYLE="width: 94%; 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>Chaska, Minnesota Electric</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; 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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 10/1/28</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>445,000</FONT></TD>

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

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>466,204</FONT></TD></TR>

<TR vAlign=bottom>

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

   <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>Fort Collins, Colorado Electric</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=left></TD>

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Utility Enterprise Revenue</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

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

   <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>Series A 5.00% 12/1/42</FONT></TD>

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

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

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

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>525,860</FONT></TD></TR>

<TR vAlign=bottom>

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

   <TD COLSPAN="3" STYLE="width: 94%; 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>Long Island, New York Power</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: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority, New York Electric</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><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: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.00% 9/1/47</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>305,000</FONT></TD>

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

   <TD STYLE="width: 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>310,999</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 9/1/44</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,000</FONT></TD>

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

   <TD STYLE="width: 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>252,965</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series B 5.00% 9/1/46</FONT></TD>

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

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>130,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 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>132,910</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <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>Loveland, Colorado Electric &amp;</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=left></TD>

   <TD width="1%" 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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Communications Enterprise</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>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><FONT size=2 face=Arial></FONT></TD>

   <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>Series A 5.00% 12/1/44</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>521,765</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="width: 94%; 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>Minnesota Municipal Power</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: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Agency Electric Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.00% 10/1/25</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>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>518,150</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>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>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>517,955</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.00% 10/1/27</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>320,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>331,367</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.00% 10/1/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,210,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,233,147</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Northern Minnesota Municipal</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Power Agency Electric System</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>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><FONT size=2 face=Arial></FONT></TD>

   <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>Series A 5.00% 1/1/26</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>100,430</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 1/1/30</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>341,336</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: 94%; 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>Philadelphia, Pennsylvania Gas</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Works 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(1998 General Ordinance)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Fifteenth Series 5.00%</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: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>8/1/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>504,070</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Puerto Rico Electric Power</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>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><FONT size=2 face=Arial></FONT></TD>

   <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>Series A 5.05% 7/1/42 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>320,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>237,600</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series AAA 5.25% 7/1/25 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>134,100</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series CCC 5.25% 7/1/27 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>1,080,250</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series WW 5.00% 7/1/28 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,400,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,043,000</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series WW 5.25% 7/1/33 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>95,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>70,775</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series WW 5.50% 7/1/17 &#8225;</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><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>156,187</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series WW 5.50% 7/1/19 &#8225;</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=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>119,000</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series XX 4.75% 7/1/26 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>190,000</FONT></TD>

   <TD width="1%" noWrap align=right><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>140,838</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series XX 5.25% 7/1/40 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>1,717,225</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series XX 5.75% 7/1/36 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>511,700</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series ZZ 4.75% 7/1/27 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>114,894</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series ZZ 5.00% 7/1/19 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>280,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>207,200</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series ZZ 5.25% 7/1/24 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>186,250</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="width: 94%; 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>Rochester, Minnesota Electric</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: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Utility 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 12/1/42</FONT></TD>

   <TD STYLE="width: 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>605,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>631,384</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 12/1/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>985,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,022,587</FONT></TD></TR></TABLE>


<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>



<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="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="92%" 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>&nbsp;&nbsp;&nbsp; </TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" colSpan=2 noWrap align=right><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 95%; 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></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" 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>Electric Revenue Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="width: 94%; 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>Southern Minnesota Municipal</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Power Agency Supply Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 1/1/41</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>240,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>250,195</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 1/1/47</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,650,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,728,243</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>St. Paul, Minnesota Housing &amp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Redevelopment Authority</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>District Energy Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Series A 4.00% 10/1/33</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>285,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>280,913</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series B 4.00% 10/1/37</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>800,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>749,560</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: 94%; 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>Western Minnesota Municipal</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Power Agency Supply Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 1/1/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,860,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="background-color: Silver; 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>4,076,662</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="92%" noWrap align=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>20,215,721</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="width: 95%; 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></FONT><FONT size=2 face=Arial>Healthcare Revenue Bonds &#150; 40.46%</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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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><FONT size=2 face=Arial></FONT></TD>

   <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>Alachua County, Florida Health</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Facilities Authority</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(Oak Hammock at the</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>University of Florida, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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><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="92%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><FONT size=2 face=Arial>4.00% 10/1/46</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>655,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>510,369</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: 94%; 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>Allegheny County, Pennsylvania</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Hospital Development Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Allegheny Health Network</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Obligated Group Issue)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 4/1/44</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>300,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>259,155</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Anoka, Minnesota Healthcare &amp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Housing Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(The Homestead at Anoka, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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><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="92%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><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="92%" 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="1%" noWrap align=right><FONT size=2 face=Arial>610,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>579,555</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: 94%; 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>Apple Valley, Minnesota Senior</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Housing Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(PHS Apple Valley Senior</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Housing, Inc. Orchard Path</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>4.50% 9/1/53</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,160,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>964,552</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>5.00% 9/1/58</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,605,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,431,772</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Apple Valley, Minnesota Senior</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Living Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(Minnesota Senior Living LLC</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Fourth Tier</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Series D 7.00% 1/1/37</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>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="1%" noWrap align=right><FONT size=2 face=Arial>468,787</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Fourth Tier</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Series D 7.25% 1/1/52</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,035,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>648,489</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Second Tier Series</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>B-5 5.00% 1/1/47</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>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="1%" noWrap align=right><FONT size=2 face=Arial>412,784</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: 94%; 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>Arizona Industrial Development</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority Hospital Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Phoenix Children's Hospital)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 2/1/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>4,015,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>3,379,747</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Arizona Industrial Development</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Series A 5.00% 5/15/56</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>433,195</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Children's National Prince</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>George's County Regional</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Medical Center)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 9/1/46</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>427,545</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><FONT size=2 face=Arial></FONT></TD>

   <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>Communities LLC Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Fourth Tier</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>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="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>30,545</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Second Tier</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Series B-5 5.00% 1/1/49</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>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="1%" noWrap align=right><FONT size=2 face=Arial>40,960</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: 94%; 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>Bethel, Minnesota Housing &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Healthcare Facilities Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Benedictine Health System -</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>St. Peter Communities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; 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"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 5.50% 12/1/48</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>405,940</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Birmingham, Alabama Special</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Care Facilities Financing</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Authority</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(Methodist Home for the Aging)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Series 2015-1 6.00%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>6/1/50</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>442,480</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: 94%; 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>Brookhaven, Georgia</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Development Authority</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; 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"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Children's Healthcare of</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Atlanta)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Series A 4.00% 7/1/49</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>30,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>26,064</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>California Health Facilities</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Financing Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(Kaiser Permanente)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Subordinate Series</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>A-2 5.00% 11/1/47</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>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="1%" noWrap align=right><FONT size=2 face=Arial>418,932</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: 94%; 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>Center City, Minnesota Health</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Care Facilities Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Hazelden Betty Ford</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Foundation Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 11/1/27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>510,845</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  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="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="92%" 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 style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="92%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" colSpan=2 noWrap align=right><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="4" STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 95%; 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></FONT></B><B><FONT size=2 face=Arial>Municipal Bonds (continued)</FONT></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 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: left"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" 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></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"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="3" STYLE="width: 94%; 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>City of Bethel, Minnesota</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(The Lodge at The Lakes at</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Stillwater 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.25% 6/1/58</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>1,775,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,464,180</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Colorado Health 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=right></TD>

   <TD width="1%" 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="93%" 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="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><FONT size=2 face=Arial></FONT></TD>

   <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>(Aberdeen Ridge)</FONT></TD>

   <TD width="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><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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 5/15/49</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>396,090</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(AdventHealth Obligated</FONT></TD>

   <TD width="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><FONT size=2 face=Arial></FONT></TD>

   <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>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><FONT size=2 face=Arial></FONT></TD>

   <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>Series A 3.00% 11/15/51</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>339,345</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 11/15/43</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,290,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,931,653</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Adventist Health System/</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Sunbelt Obligated 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 11/15/48</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,022,040</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Bethesda 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 9/15/48</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><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>696,517</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Cappella of Grand Junction</FONT></TD>

   <TD width="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><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="92%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>144A 5.00% 12/1/54 #</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>447,427</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><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><FONT size=2 face=Arial></FONT></TD>

   <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>Series A-1 4.00% 8/1/37</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>495,523</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A-2 4.00% 8/1/49</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,250,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,803,982</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A-2 5.00% 8/1/38</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=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,492,335</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A-2 5.00% 8/1/44</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>290,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>281,373</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Covenant Living Communities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>and Services)</FONT></TD>

   <TD width="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><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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 12/1/40</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><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>619,733</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="93%" 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></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><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="92%" noWrap align=left><FONT size=2 face=Arial>Communities, Inc.)</FONT></TD>

   <TD width="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><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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 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>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="1%" noWrap align=right><FONT size=2 face=Arial>992,500</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="93%" 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></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><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="92%" noWrap align=left><FONT size=2 face=Arial>Denver 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.75% 2/1/44</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=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,514,340</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="93%" 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></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><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="92%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>5.00% 1/1/27</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,285</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 colspan=2 width="92%" noWrap align=left><FONT size=2 face=Arial>(Sanford)</FONT></TD>

   <TD width="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><FONT size=2 face=Arial></FONT></TD>

   <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>5.00% 1/15/35</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><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>1,267,475</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="93%" colSpan=2 noWrap align=left><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 5.00% 11/1/39</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,465,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,472,310</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="93%" 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></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><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="92%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 144A 6.25%</FONT></TD>

   <TD width="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><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="92%" noWrap align=left><FONT size=2 face=Arial>12/1/50 #</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>369,261</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: 94%; 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>Crookston, Minnesota Health Care</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Riverview Health Project)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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"><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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.00% 5/1/51</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>1,390,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,213,595</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Cumberland County, Pennsylvania</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Municipal Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(Penn State Health)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 11/1/44</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>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="1%" noWrap align=right><FONT size=2 face=Arial>865,670</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: 94%; 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>Cuyahoga County, Ohio Hospital</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; 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"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(The Metrohealth System)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>5.50% 2/15/57</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,010,190</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Deephaven, Minnesota Housing &amp;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Healthcare Facility Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(St. Therese Senior Living</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Series A 5.00% 4/1/38</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>280,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>246,593</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="93%" 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="1%" noWrap align=right><FONT size=2 face=Arial>270,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>233,882</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: 94%; 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, Colorado Health &amp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Hospital Authority Healthcare</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; 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"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: 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"><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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 12/1/40</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>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: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>413,730</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Duluth, Minnesota Economic</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Development Authority</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(Essentia Health Obligated</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><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="92%" 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="1%" 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></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>800,815</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: 94%; 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>Escambia County, Florida Health</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Facilities Authority Revenue</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Baptist Health Care</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Corporation Obligated Group)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 8/15/45</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>390,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>311,415</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 STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Series A 4.00% 8/15/50</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>1,150,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>892,711</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Hayward, Minnesota Health Care</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(American Baptist Homes of the</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Midwest Obligated Group)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" 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="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>411,200</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="93%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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><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="92%" noWrap align=left><FONT size=2 face=Arial>Albert Lea Project)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.375% 10/1/44</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>125,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>86,383</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: 94%; 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>Health &amp; Educational Facilities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Authority of the State of</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>Missouri</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT><FONT size=2 face=Arial>(Mercy Health)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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: 92%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>4.00% 6/1/53</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>4,810,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>4,008,077</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Henrico County, Virginia Economic</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>Development Authority</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <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>(Westminister Canterbury</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Richmond)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap 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="92%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 10/1/52</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,200,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,201,512</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>



<!-- part 03 -->
<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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; 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: 93%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="width: 95%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" 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="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></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Hillsborough County, Florida</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Industrial Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Authority Hospital Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Tampa General Hospital</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 3.50% 8/1/55</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6,875,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,819,581</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 Finance Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(NorthShore - Edward-Elmhurst</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Health Credit Group)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Series A 5.00% 8/15/47</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,355,000</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>4,359,007</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Kalispell, Montana Housing &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Healthcare Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Immanuel Lutheran</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporation Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25% 5/15/37</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>700,000</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>657,104</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>Lancaster County, Pennsylvania</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Hospital Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(Penn State Health)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;5.00% 11/1/51</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,345,000</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>1,329,788</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Maple Grove, Minnesota Health</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Care Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Maple Grove Hospital</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporation)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 5/1/37</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>855,740</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="93%" noWrap align=left><FONT size=2 face=Arial>(North Memorial Health Care)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/30</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>865,000</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>879,618</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Maple Plain, Minnesota Senior</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Housing &amp; Health Care</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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=right></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>(Haven Homes, Inc. Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;5.00% 7/1/54</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,500,000</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>1,247,730</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Maryland Health &amp; Higher</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Educational Facilities Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(University of Maryland Medical</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;System Issue)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 4.00% 7/1/48</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>255,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>216,090</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>Miami-Dade County, Florida</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Health Facilities Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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=right></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>(Nicklaus Children's Hospital</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;5.00% 8/1/47</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=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>196,988</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Michigan Finance Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Beaumont Health Credit</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 11/1/44</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,001,380</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 Health Care System</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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=right></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>(Fairview Health Services)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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% 11/15/48</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,855,000</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>2,402,968</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% 11/15/33</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>506,625</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% 11/15/34</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>505,865</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% 11/15/49</FONT></TD>

   <TD width="1%" noWrap align=right></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>1,974,080</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Minneapolis Senior Housing &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Healthcare Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Ecumen-Abiitan Mill City</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 11/1/35</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>220,000</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>200,435</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="93%" noWrap align=left><FONT size=2 face=Arial>5.25% 11/1/45</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>850,000</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>763,045</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="93%" noWrap align=left><FONT size=2 face=Arial>5.375% 11/1/50</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=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>180,370</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>Monroe County, New York</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Industrial Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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=right></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>(Rochester Regional Health</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Series A 4.00% 12/1/46</FONT></TD>

   <TD width="1%" noWrap align=right></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>344,564</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Montgomery County,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Pennsylvania Higher Education</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>and Health Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Thomas Jefferson University)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 9/1/49</FONT></TD>

   <TD width="1%" noWrap align=right></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>633,982</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="93%" noWrap align=left><FONT size=2 face=Arial>Series B 4.00% 5/1/47</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,750,000</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>1,490,545</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="93%" noWrap align=left><FONT size=2 face=Arial>Series B 4.00% 5/1/56</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>818,600</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="93%" noWrap align=left><FONT size=2 face=Arial>Series B 5.00% 5/1/57</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,515,000</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>3,444,700</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>Moon, Pennsylvania Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Development Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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=right></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>(Baptist Homes Society)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;6.125% 7/1/50</FONT></TD>

   <TD width="1%" noWrap align=right></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>632,505</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" 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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" 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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Cardinal Bay Inc. - Village on</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Park/Carriage Inn</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A-1 5.00% 7/1/51 &#8225;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>135,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>94,500</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="93%" noWrap align=left><FONT size=2 face=Arial>(Cardinal Bay Inc.)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.75% 7/1/51</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>160,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>88,000</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 color=#b2b2b2 size=6 face=Arial>Schedule of investments</FONT><BR><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD 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=center></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; 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: 93%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="width: 95%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New Jersey Health Care 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>Financing 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Valley Health System</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Obligated Group Issue)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 7/1/44</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>475,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>408,377</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 State Dormitory</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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 Non-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>Supported Debt</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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>(Northwell Healthcare Inc.</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;Obligated Group)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" 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;&nbsp;Series A 4.00% 7/1/53</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>355,000</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>298,860</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>(NYU Langone Hospitals</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;Obligated Group)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" 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;&nbsp;Series A 5.00% 5/1/52</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>1,980,460</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Oregon State Facilities Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Peacehealth 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Series A 5.00% 11/15/29</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>506,680</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>Palomar Health, 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>5.00% 11/1/39</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>130,000</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>128,597</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Pennsylvania Higher Educational</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Facilities Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(University of Pennsylvania</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health System)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Series A 4.00% 8/15/43</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,905,000</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>1,693,297</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>Rochester, Minnesota Health Care</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <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>&amp; Housing Facility Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <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>(The Homestead at</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;Rochester Inc. 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;&nbsp;Series A 6.875% 12/1/48</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,220,000</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>1,233,261</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Rochester, Minnesota Health Care</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Mayo Clinic)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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;&nbsp;5.00% 11/15/57</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,175,000</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>2,247,493</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>Sartell, Minnesota Health Care &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>Housing Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <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>(Country Manor Campus LLC</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD 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;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD 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;&nbsp;5.30% 9/1/37</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>600,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>560,076</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Shakopee, Minnesota Health Care</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(St. Francis Regional Medical</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Center)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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>4.00% 9/1/31</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>205,000</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>191,845</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="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 9/1/34</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>165,672</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>St. Cloud, Minnesota Health Care</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></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=right></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>(Centracare Health System)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>4.00% 5/1/49</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>1,338,501</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% 5/1/48</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,250,000</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>2,240,392</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% 5/1/46</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,375,000</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>2,363,790</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>St. Paul, Minnesota Housing &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Redevelopment Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Health Care Facilities Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Fairview Health Services)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 11/15/43</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>905,000</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>782,934</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 11/15/47</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>680,000</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>672,554</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="93%" noWrap align=left><FONT size=2 face=Arial>(HealthPartners Obligation</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Group Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 7/1/29</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,027,140</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 7/1/32</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>611,634</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>St. Paul, Minnesota Housing &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Redevelopment Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Senior Housing &amp; Health Care</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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=right></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>(Episcopal Homes Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;5.125% 5/1/48</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" 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=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,013,904</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Tarrant County, Texas Cultural</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Education Facilities Finance</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Buckner Senior Living -</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventana Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.75% 11/15/47</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>252,038</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>The Hospital Facility Authority Of</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Union County, Oregon</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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 Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(Grande Ronde Hospital</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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% 7/1/39</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,665,000</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>1,617,964</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% 7/1/40</FONT></TD>

   <TD width="1%" noWrap align=right></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>724,507</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Westminster, Maryland</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(The Lutheran Village Millers</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Inc.)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.00% 7/1/34</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>506,945</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>Wisconsin Health &amp; Educational</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Facilities Authority Senior Living</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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=right></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>(Covenant Communities, Inc.</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Second Tier Series</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;B-5 5.00% 7/1/53</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>716,780</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></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=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; 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: 93%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="width: 95%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" 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="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Yavapai County, Arizona Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Yavapai Regional Medical</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Center)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Series A 5.00% 8/1/28</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>720,000</FONT></TD>

   <TD width="1%" noWrap align=right></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>724,601</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="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>94,845,970</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Housing Revenue Bonds &#150; 0.83%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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>Minnesota Housing 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>Agency State Appropriated</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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>(Housing Infrastructure)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;Series C 5.00% 8/1/33</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,390,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,422,498</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Northwest, Minnesota</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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>Multi-County Housing &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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>Redevelopment 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Pooled Housing 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;5.50% 7/1/45</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>560,000</FONT></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>516,320</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="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,938,818</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Lease Revenue Bonds &#150; 9.26%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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>Denver, Colorado Health &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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>Hospital 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>(550 Acoma, Inc.)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;4.00% 12/1/38</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>427,865</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Kansas City, Missouri Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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>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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Kansas City International</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Airport 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=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modernization 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Series B 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;3/1/49 (AGM) (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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>991,520</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 Pier &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>Exposition Authority Illinois</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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>(McCormick Place Expansion)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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% 6/15/52</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,375,000</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>1,045,344</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% 6/15/50</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>290,000</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>271,573</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% 6/15/50 (BAM)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>675,000</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>632,111</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 1.046% 12/15/54 (BAM) ^</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,535,000</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>635,027</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Minnesota State General Fund</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Revenue Appropriation</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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% 6/1/32</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>780,000</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>784,906</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 6/1/38</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5,500,000</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>5,524,970</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 6/1/43</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,750,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,756,248</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 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>

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<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>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>

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<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>(NJ Transit 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>

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<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;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

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<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;&nbsp;Series A 4.00% 11/1/44</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>339,816</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New Jersey State 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>Trust Fund 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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 BB 4.00% 6/15/46</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>841,910</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="93%" noWrap align=left><FONT size=2 face=Arial>(Capital Appreciation)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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;&nbsp;Series A 3.114%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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;&nbsp;12/15/39 (BAM) ^</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5,290,000</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>2,215,663</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 Liberty Development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <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>

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<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>(4 World Trade Center - Green</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;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=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;&nbsp;Series A 3.00%</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;&nbsp;11/15/51 (BAM)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,640,000</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>2,434,760</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>State of Colorado Department of</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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 Certificates 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>Participation</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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% 6/15/34</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>354,573</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="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 6/15/36</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>545,000</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>567,214</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>Virginia College Building Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <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>(21st Century College and</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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;&nbsp;Equipment Programs)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;Series A 5.00% 2/1/29</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,096,350</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Virginia Commonwealth</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Transportation Board</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(U.S. Route 58 Corridor</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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;&nbsp;Development 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;4.00% 5/15/47</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=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,790,260</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="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>21,710,110</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Local General Obligation Bonds &#150; 6.58%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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, Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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>School District No. 6</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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>(Littleton Public Schools)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;Series A 5.50% 12/1/38</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>650,000</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>710,255</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Beacon Point, Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>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 STYLE="vertical-align: bottom; background-color: Silver">

   <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% 12/1/30 (AGM)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>600,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>623,262</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>Boulder Valley, Colorado School</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>District No RE-2</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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% 12/1/48</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>441,560</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Brainerd, Minnesota Independent</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>School District No. 181</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Brainerd Public Schools)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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% 2/1/38</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>1,473,495</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 color=#b2b2b2 face=Arial>Schedule of investments</FONT><BR><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="93%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 93%; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="width: 95%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=3 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>&nbsp;</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></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Brainerd, Minnesota Independent</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>School District No. 181</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Brainerd Public Schools)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Series A 4.00% 2/1/43</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,408,035</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>Chicago, Illinois</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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 5.50% 1/1/34</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>225,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>225,918</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% 1/1/38</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>500,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>497,130</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Chicago, Illinois Board of</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Education Dedicated Capital</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Improvement</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 4/1/42</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>205,000</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>205,670</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="93%" noWrap align=left><FONT size=2 face=Arial>5.00% 4/1/46</FONT></TD>

   <TD width="1%" noWrap align=right></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>209,463</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>Grand River Hospital District</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Garfield and Mesa Counties,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>5.25% 12/1/37 (AGM)</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>675,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>687,008</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Jefferson County, Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>School District No. R-1</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>5.25% 12/15/24</FONT></TD>

   <TD width="1%" noWrap align=right></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>782,985</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>Mounds View, Minnesota</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Independent School District No.</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>621</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(Minnesota School District</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Credit Enhancement</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Program)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Series A 4.00% 2/1/43</FONT></TD>

   <TD width="1%" noWrap align=right></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>1,859,680</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New York General Obligation</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Bonds</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 8/1/27</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,075,090</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="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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series F-1 5.00% 4/1/45</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,745,000</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>3,831,210</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>Weld County, Colorado School</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>District No. RE-3(J)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(Weld and Adams Counties)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;5.00% 12/15/34 (BAM)</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,045,540</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Weld County, Colorado School</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>District No. RE-8</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>(Weld County and the City and</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broomfield)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/1/32</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>340,000</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>357,632</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=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>15,433,933</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds &#150; 5.09%</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="1%" noWrap align=right></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="94%" 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=right></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>District Denver, Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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% 12/1/43-23 &#167;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>375,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>381,233</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Chicago, Illinois O'Hare</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>International Airport Revenue</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Senior Lien)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D 5.25% 1/1/34-23 &#167;</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>1,005,110</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 Educational &amp; Cultural</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</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 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>Facilities Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(Charter School - Atlas</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Preparatory School Project)</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</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 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;&nbsp;144A 5.25% 4/1/45-25 #, &#167;</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>700,000</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>730,604</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Colorado Health Facilities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Covenant Retirement</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communities, Inc.)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.75%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/1/36-23 &#167;</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>1,029,650</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>Commerce City, Colorado Sales</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</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 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>and Use Tax Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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% 8/1/44-24 (AGM) &#167;</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>1,030,890</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Idaho State Building Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(State Office Campus Project)</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 9/1/48-27 &#167;</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>1,029,910</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 Hope, Texas Cultural</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Education Facilities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(CHF - Collegiate Housing</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Stephenville II, LLC -</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Tarleton State University</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;Series A 5.00% 4/1/34-24 &#167;</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>1,024,100</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" 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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" 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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series WW 5.25%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/30-25 &#167;</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>1,050,990</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 Jersey Health Care Facilities</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</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 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>Financing Authority Revenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(St. Peter's University Hospital</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</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 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;&nbsp;Obligated Group Issue)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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;&nbsp;6.25% 7/1/35</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>300,447</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Philadelphia, Pennsylvania Water</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" 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=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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Series A 5.00% 7/1/45-24 &#167;</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>515,635</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>St. Paul, Minnesota Housing &amp;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Redevelopment Authority</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Hospital Facility</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>(Healtheast Care System</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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>Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right></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% 11/15/29-25 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>395,000</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>412,735</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% 11/15/30-25 &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>290,000</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>303,021</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></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=center><B><FONT size=2 face=Arial>Principal</FONT></B></TD>

   <TD width="1%" noWrap align=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; 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: 93%; 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: 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: right; border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 2%; 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="3" STYLE="width: 95%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Pre-Refunded/Escrowed to Maturity Bonds (continued)</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Tallyn's Reach, Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Metropolitan 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(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 STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;144A 5.125%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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;&nbsp;11/1/38-23 #, &#167;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>295,000</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>300,148</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>Western Minnesota Municipal</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Power Agency Supply Revenue</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD 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% 1/1/40-24 &#167;</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>766,530</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% 1/1/46-24 &#167;</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=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>2,044,080</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="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="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>11,925,083</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Special Tax Revenue Bonds &#150; 28.59%</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Allentown, Pennsylvania</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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="93%" noWrap align=left><FONT size=2 face=Arial>Neighborhood Improvement</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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>Zone Development Authority</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Forward Delivery)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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;&nbsp;5.00% 5/1/33</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>765,000</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>789,480</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>City &amp; County of San Francisco,</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>California Special Tax District</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD 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 2020-1</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <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>(Mission Rock Facilities and</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD 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;&nbsp;Services)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;Series B 144A 5.25%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;9/1/49 #</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" 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="1%" noWrap align=right><FONT size=2 face=Arial>404,261</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Commonwealth of Puerto Rico</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Restructured)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;2.312% 11/1/51 &#9679;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,510,071</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>1,289,951</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>Detroit, Michigan Retirement</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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>Systems Funding Trust</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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 3.633%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;6/15/34 (FGIC) &#8225;, &#9679;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,480,122</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>3,036,407</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Fountain, Colorado Urban</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Renewal Authority 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>Increment 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(South Academy Highlands</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Project)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Series A 5.50% 11/1/44</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>655,000</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>594,386</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>GDB Debt Recovery Authority of</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" 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="93%" noWrap align=left><FONT size=2 face=Arial>7.50% 8/20/40</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13,869,155</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>12,204,856</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Idaho Housing &amp; 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>Association Sales Tax Revenue</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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% 8/15/47</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,000,000</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>3,133,530</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>Lincoln Park Metropolitan District</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Douglas County, Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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% 12/1/46 (AGM)</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>519,135</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Massachusetts Bay Transportation</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>(Senior Sales Tax)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Series A 5.25% 7/1/29</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>223,732</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>Matching Fund Special Purpose</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Securitization Virginia</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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 5.00% 10/1/39</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>630,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>632,255</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Miami-Dade County, Florida</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Capital Appreciation)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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;&nbsp;3.505% 10/1/37 (BAM) ^</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3,000,000</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>1,464,630</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 State Dormitory</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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 Personal Income Tax</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD 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>(General Purpose)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <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;&nbsp;Series E 4.00% 3/15/48</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,000,000</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>3,538,240</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>New York State Thruway Authority</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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>State Personal Income Tax</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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 STYLE="vertical-align: bottom; background-color: Silver">

   <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 A1 4.00% 3/15/55</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=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,722,360</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="93%" noWrap align=left><FONT size=2 face=Arial>(Climate Bond Certified - Green</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;Bonds)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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;&nbsp;Series C 5.00% 3/15/55</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,000,000</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>4,131,680</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>Northampton County,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Pennsylvania Industrial</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" 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="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>(Route 33 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;&nbsp;7.00% 7/1/32</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>205,000</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>208,001</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Prairie Center Metropolitan District</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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. 3 Colorado</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="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 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 STYLE="vertical-align: bottom; background-color: Silver">

   <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;&nbsp;12/15/41 #</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>452,710</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>Public Finance Authority,</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="93%" noWrap align=left><FONT size=2 face=Arial>Wisconsin</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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>(American Dream @</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap 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;&nbsp;Meadowlands 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;&nbsp;144A 7.00% 12/1/50 #</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>380,000</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>320,013</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Puerto Rico Sales Tax Financing</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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 STYLE="vertical-align: bottom; background-color: Silver">

   <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>(Restructured)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <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 4.55% 7/1/40</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,250,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2,004,907</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 4.75% 7/1/53</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>9,160,000</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>7,846,090</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.00% 7/1/58</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4,747,000</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>4,202,519</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.279% 7/1/46 ^</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>17,835,000</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>4,043,016</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A-1 5.435% 7/1/51 ^</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>63,590,000</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>10,431,304</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A-2 4.329% 7/1/40</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>595,000</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>515,431</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="93%" noWrap align=left><FONT size=2 face=Arial>Series A-2 4.784% 7/1/58</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1,100,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>927,938</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>



<!-- part 04 -->
<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</FONT><BR><FONT size=2 face=Arial color="#b2b2b2">Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"><B><FONT size=2 face=Arial>Principal</FONT></B></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"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><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"></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></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Special Tax Revenue Bonds (continued)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Sales Tax Securitization, Illinois</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 1/1/40</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></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"></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>510,185</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>St. Paul, Minnesota Sales Tax</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series G 5.00% 11/1/30</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>935,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>964,181</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Thornton, Colorado Development</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Authority</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(East 144th Avenue &amp; I-25</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Project)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 12/1/35</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>265,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>270,695</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 12/1/36</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>440,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>449,271</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Wyandotte County/Kansas City,</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Kansas Unified Government</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Special Obligation Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Vacation Village Project Areas</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 and 2A)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015A 5.75% 9/1/32</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>220,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></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: right"><FONT size=2 face=Arial>196,227</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD 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: right"><FONT size=2 face=Arial>67,027,391</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>State General Obligation Bonds &#150; 6.43%</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>California State</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Various Purpose)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>4.00% 9/1/42</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>700,635</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 11/1/47</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,042,350</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Commonwealth of Puerto Rico</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Restructured)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 4.00% 7/1/33</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>189,839</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>167,368</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 4.00% 7/1/37</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>508,869</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>418,891</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 4.00% 7/1/41</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>317,280</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>248,529</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 4.00% 7/1/46</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,175,510</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,635,091</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 4.364% 7/1/33 ^</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>848,864</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>469,354</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 5.75% 7/1/31</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,601,630</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,722,569</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Georgia State</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 7/1/38</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>860,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>838,681</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Illinois State</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 1/1/28</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>285,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>289,255</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 11/1/36</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,170,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,156,100</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.50% 5/1/39</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>509,270</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.125% 12/1/29</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>310,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>317,530</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series C 4.00% 10/1/42</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,900,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,562,674</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>15,078,297</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Transportation Revenue Bonds &#150; 13.34%</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</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: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Alameda Corridor, California</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Transportation Authority</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Second Subordinate Lien)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 10/1/37</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>430,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>438,553</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Atlanta, Georgia Airport Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 1/1/29</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,019,020</FONT></TD></TR>




<TR STYLE="vertical-align: bottom">

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Central Florida Expressway</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Authority</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Series B 4.00% 7/1/39</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>675,000</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"></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>619,879</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Chicago, Illinois O'Hare</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>International Airport Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Senior Lien)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00%</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/48 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>247,873</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Colorado High Performance</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Transportation Enterprise</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Revenue</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>(U.S. 36 &amp; I-25 Managed</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Lanes)</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>5.00% 12/31/56</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>971,200</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>5.75% 1/1/44 (AMT)</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,110,000</FONT></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>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,112,653</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Denver, Colorado City &amp; County</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Airport System Subordinate</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 12/1/43 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,835,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,466,507</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 12/1/48 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>997,100</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Foothill/Eastern Transportation</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Corridor Agency California Toll</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Road Revenue</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>(Junior Lien)</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 4.00% 1/15/43</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>843,720</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>(Senior Lien)</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 1/15/46</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>856,620</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Greater Orlando Aviation Authority</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 10/1/39 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,705,490</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Harris County, Texas Toll Road</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Authority Revenue</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>(Senior Lien)</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 8/15/48</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>443,140</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Metropolitan Transportation</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Authority Revenue, New York</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Climate Bond Certified - Green</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Bond)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Subordinate Series</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>A-1 5.00% 11/15/41</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,105,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,073,839</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Subordinate Series</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>C-1 5.25% 11/15/55</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>739,597</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="background-color: Silver; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Metropolitan Washington D.C.</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: left"></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></TR>

<TR STYLE="vertical-align: bottom">

   <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: left"><FONT size=2 face=Arial>Airports Authority Dulles Toll</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: left"></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></TR>

<TR vAlign=bottom>

   <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: left"><FONT size=2 face=Arial>Road Revenue</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: left"></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></TR>

<TR vAlign=bottom>

   <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: left"><FONT size=2 face=Arial>(Dulles Metrorail and Capital</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: left"></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></TR>

<TR vAlign=bottom>

   <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: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improvement Projects)</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: left"></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></TR>

<TR vAlign=bottom>

   <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: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 4.00% 10/1/49</FONT></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>510,000</FONT></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>

   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>429,022</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 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 93%; white-space: nowrap; 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"><B><FONT size=2 face=Arial>Principal</FONT></B></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"></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial>amount&#176;</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right"><B><FONT size=2 face=Arial>Value (US $)</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><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"></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></TR>

<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Transportation Revenue Bonds (continued)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Minneapolis &#8211; St. Paul</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Metropolitan Airports</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Commission Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Subordinate)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 1/1/26 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></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"></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>505,190</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series C 5.00% 1/1/33</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,041,720</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series C 5.00% 1/1/36</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,032,290</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series C 5.00% 1/1/46</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,245,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,254,636</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New Jersey Turnpike Authority</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 4.00% 1/1/48</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>892,870</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series B 5.00% 1/1/40</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>250,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>260,535</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New Orleans, Louisiana Aviation</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Board</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(North Terminal Project)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00%</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/45 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>982,570</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New York Transportation</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Development Corporation</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Special Facilities Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(La Guardia Airport Terminal B</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redevelopment Project)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.25%</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/1/50 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>679,567</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Terminal 4 John F. Kennedy</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Airport Project)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/1/32 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,500,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,534,335</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Pennsylvania Turnpike</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Commission Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 5.00% 12/1/45</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,720,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,743,936</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A-1 5.00% 12/1/47</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>210,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>211,529</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Subordinate Series</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>A-1 5.00% 12/1/43</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>496,595</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Port Authority of Guam Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Series A 5.00% 7/1/48</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,050,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,069,341</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Salt Lake City, Utah Airport</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Salt Lake City Airport)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B 5.00% 7/1/42</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>625,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>631,800</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Texas Private Activity Bond</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Surface Transportation</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Corporate Senior Lien Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Blueridge Transportation</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Group, LLC 288 Toll Lanes</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Project)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 12/31/40 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>110,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>106,824</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 12/31/45 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>110,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>103,626</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 12/31/50 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>160,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>147,371</FONT></TD></TR>





<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Surface Transportation</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Corporate Senior Lien Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(NTE Mobility Partners</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Segments 3 LLC Segments 3A</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&amp; 3B Facility)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>6.75% 6/30/43 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>225,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></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>229,664</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>7.00% 12/31/38 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>165,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>169,006</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Virginia Small Business Financing</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Authority Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Transform 66 P3 Project)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/31/56 (AMT)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>235,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>219,342</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>31,276,960</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Water &amp; Sewer Revenue Bonds &#150; 7.83%</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Goodyear, Arizona Water &amp; Sewer</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Second Series 4.00%</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/1/45 (AGM)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,135,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,920,582</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Guam Government Waterworks</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Authority</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>5.00% 7/1/40 (Guam)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,130,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>3,177,607</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Miami-Dade County, Florida Water</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&amp; Sewer System Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>4.00% 10/1/44</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>402,881</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New York City, New York</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Municipal Water Finance</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Authority Water &amp; Sewer</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>System Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Fiscal 2013 Series CC 5.00%</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/15/47</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>185,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>185,853</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>New York State Environmental</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Facilities Clean Water and</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Drinking Water Revenue</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(New York Municipal Water</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Authority Projects -</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Resolution Bonds)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 4.00% 6/15/47</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>908,720</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Sacramento County, California</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Sanitation Districts Financing</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Authority</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>(Sacramento Regional County</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanitation District)</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: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 5.00% 12/1/50</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,278,400</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></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>Principal</FONT></B></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; 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: 93%; 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: 1%; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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"><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: 95%; 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"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>

<TR vAlign=bottom>

   <TD width="95%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Water &amp; Sewer 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=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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 94%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Tampa, Florida Water &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: 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 93%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Wastewater 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>(Green Bonds)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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;&nbsp;Series A 5.25% 10/1/57</FONT></TD>

   <TD STYLE="width: 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>6,000,000</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: 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>6,477,300</FONT></TD></TR>

<TR STYLE="vertical-align: 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>18,351,343</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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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 $402,319,520)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: 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"></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>365,216,381</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="95%" colSpan=3 noWrap align=left><B><FONT size=2 face=Arial>Total Value of Securities&#150;155.78%</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>(cost $402,319,520)</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="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><B><FONT size=2 face=Arial>365,216,381</FONT></B></TD></TR></TABLE>

<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>&#176;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt">



   <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 vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>#</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt">



   <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 September 30, 2022, the aggregate value of Rule 144A securities was $10,317,775, which represents 4.40% of the Fund's net assets. See Note 6 in &#8220;Notes to financial statements."</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>^</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt">



   <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 vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>&#9679;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt">



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>&#8225;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-bottom: 4pt">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Non-income producing security. Security is currently in default.</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>&#167;</FONT></TD>

   <TD vAlign=top width="99%" align=left>

   <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 6 in &#8220;Notes to financial statements.&#8221;</FONT></P></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Summary of abbreviations:<BR></FONT></B><FONT size=2 face=Arial>AGM &#8211; Insured by Assured Guaranty Municipal Corporation<BR>AMT &#8211; Subject to Alternative Minimum Tax<BR>BAM &#8211; Insured by Build America Mutual Assurance<BR>CHF &#8211; Collegiate Housing Foundation<BR>FGIC &#8211; Financial Guaranty Insurance Corporation<BR>ICE &#8211; Intercontinental Exchange, Inc.<BR></FONT><FONT size=2 face=Arial>LIBOR &#8211; London Interbank Offered Rate<BR>LIBOR03M &#8211; ICE LIBOR USD 3 Month<BR>LIBOR06M &#8211; ICE LIBOR USD 6 Month<BR>LLC &#8211; Limited Liability Corporation<BR>USD &#8211; US Dollar</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: 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>



<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 style="TEXT-ALIGN: left"><FONT size=2 face=Arial>September 30, 2022 (Unaudited)</FONT></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 COLSPAN="2" STYLE="text-align: left"><B><FONT size=2 face=Arial>Assets:</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; width: 95%; text-align: left"><FONT size=2 face=Arial>Investments, at value*</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>$</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>365,216,381</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Cash</FONT></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: right"><FONT size=2 face=Arial>237,589</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Interest receivable</FONT></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: right"><FONT size=2 face=Arial>4,949,246</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Receivable for securities sold</FONT></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: right"><FONT size=2 face=Arial>2,529,648</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Offering cost for preferred shareholders</FONT></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: right"><FONT size=2 face=Arial>176,776</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Prepaid rating agency fee</FONT></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: right"><FONT size=2 face=Arial>43,740</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Other assets</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>332,040</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Total Assets</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>373,485,420</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left"><B><FONT size=2 face=Arial>Liabilities:</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Liquidation value of preferred stock</FONT></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: right"><FONT size=2 face=Arial>135,000,000</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Payable for securities purchased</FONT></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: right"><FONT size=2 face=Arial>3,970,540</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Investment management fees payable to affiliates</FONT></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: right"><FONT size=2 face=Arial>55,005</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Administration expenses payable to affiliates</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>14,020</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Total Liabilities</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>139,039,565</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left"><B><FONT size=2 face=Arial>Total Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>234,445,855</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR>

   <TD STYLE="white-space: nowrap"></TD>

   <TD STYLE="white-space: nowrap"></TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="text-align: left"><B><FONT size=2 face=Arial>Net Assets Applicable to Common Shareholders Consist of:</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Paid-in capital ($0.001 par value)&#9679;, </FONT><FONT size=2 face=Arial>&#981;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>285,042,589</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Total distributable earnings (loss)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(50,596,734</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left"><B><FONT size=2 face=Arial>Total Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>234,445,855</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="background-color: Silver">

   <TD COLSPAN="2"><div>____________________</div></TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="text-align: left">
   <DIV style="PADDING-LEFT: 4pt; FONT-SIZE: 10pt; TEXT-INDENT: -4pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 4pt; FONT-SIZE: 9.5pt"><SUP>*</SUP></FONT><FONT face="Arial" size=2>Investments, at cost</FONT></DIV></TD>

   <TD STYLE="padding-bottom: 4pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-bottom: 4pt; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="padding-bottom: 4pt; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>402,319,520</FONT></TD>

   <TD STYLE="padding-bottom: 4pt; white-space: nowrap; text-align: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver;">

   <TD COLSPAN="2" STYLE="text-align: left"><DIV style="PADDING-LEFT: 4pt; FONT-SIZE: 10pt; TEXT-INDENT: -4pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 3.5pt; FONT-SIZE: 9.5pt"><SUP>&#9679;</SUP></FONT><FONT face="Arial" size=2>Common shares outstanding</FONT></DIV></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: right"><FONT size=2 face=Arial>20,956,695</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom style="line-height: normal">

   <TD COLSPAN="2" STYLE="text-align: left">
   <DIV style="PADDING-LEFT: 4pt; FONT-SIZE: 10pt; TEXT-INDENT: -4pt; TEXT-ALIGN: left"><FONT style="PADDING-RIGHT: 4pt; FONT-SIZE: 9.5pt"><SUP>&#981;</SUP></FONT><FONT face="Arial" size=2>Common shares authorized</FONT></DIV></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: right"><FONT size=2 face=Arial>unlimited</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: 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><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 style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Six months ended September 30, 2022 (Unaudited)</FONT></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 COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Investment Income:</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 95%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Interest</FONT></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"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>8,354,890</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD></TR>

<TR>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Expenses:</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Management fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>800,414</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Interest expense</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>1,340,643</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Dividend disbursing and transfer agent fees and expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>260,302</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Accounting and administration expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>41,923</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Legal fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>34,257</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Reports and statements to shareholders expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>28,590</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Audit and tax fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>18,924</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Trustees&#8217; fees and expenses</FONT></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: right"><FONT size=2 face=Arial>7,503</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Custodian fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>4,196</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Registration fees</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face=Arial>86</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Other</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>186,260</FONT></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"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Total operating expenses</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>2,723,098</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Net Investment Income (Loss)</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>5,631,792</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD>

   <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Net Realized and Unrealized Gain (Loss):</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net realized gain (loss) on investments</FONT></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: right"><FONT size=2 face=Arial>(10,919,349</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net change in unrealized appreciation (depreciation) on investments</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(39,314,259</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Net Realized and Unrealized Gain (Loss)</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(50,233,608</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Net Increase (Decrease) in Net Assets Resulting from Operations</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: right"><FONT size=2 face=Arial>(44,601,816</FONT></TD>

   <TD STYLE="white-space: nowrap; text-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>18</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<!-- part 05 -->
<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="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Six months</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>ended</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>9/30/22</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Year ended</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(Unaudited)</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>3/31/22</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 92%; text-align: left"><B></B><B><FONT size=2 face=Arial>Increase (Decrease) in Net Assets from Operations:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Net investment income (loss)</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>5,631,792</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>$</FONT></TD>

   <TD 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; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Net realized gain (loss)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(10,919,349</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Net change in unrealized appreciation (depreciation)</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>(39,314,259</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=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="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Net increase (decrease) in net assets resulting from operations</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(44,601,816</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></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>

<TR>

   <TD width="1%"></TD>

   <TD width="91%"></TD>

   <TD width="1%"></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%"></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 92%; text-align: left"><B></B><B><FONT size=2 face=Arial>Dividends and Distributions to Common Shareholders from:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Distributable earnings</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>(5,658,308</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" 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="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Total dividends and distributions to shareholders</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>(5,658,308</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" 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 vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Net assets from merger<SUP>1</SUP></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>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>235,755,536</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Increase in net assets derived from capital share transactions</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>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>235,755,536</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 92%; text-align: left"><B></B><B><FONT size=2 face=Arial>Net Increase (Decrease) in Net Assets Applicable to Common Shareholders</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(50,260,124</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>217,523,489</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="91%"></TD>

   <TD width="1%"></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%"></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 92%; text-align: left"><B></B><B><FONT size=2 face=Arial>Net Assets Applicable to Common Shareholders:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>Beginning of period</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>284,705,979</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>67,182,490</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD width="91%" noWrap align=left><FONT size=2 face=Arial>End of period</FONT></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>234,445,855</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=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></TABLE>

<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial><SUP>1</SUP></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face=Arial>See Note 5 in &#8220;Notes to financial statements.&#8221;</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>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><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>Six months ended September 30, 2022 (Unaudited)</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=3 noWrap align=left><B></B><B></B><B><FONT size=2 face=Arial>Cash Flows Provided by (Used for) Operating Activities:</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&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 width="96%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Net increase (decrease) in net assets resulting from operations</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=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>(44,601,816</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="95%" colSpan=2 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></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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>net cash provided by (used for) operating activities:</FONT></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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" 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></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>636,825</FONT></TD>

   <TD width="1%" noWrap align=left></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="94%" noWrap align=left><FONT size=2 face=Arial>Proceeds from disposition of investment securities</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>174,545,841</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Purchase of investment securities</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>(174,746,333</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" 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></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>6,817,563</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Net realized (gain) loss on investments</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>10,919,349</FONT></TD>

   <TD width="1%" noWrap align=left></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="94%" noWrap align=left><FONT size=2 face=Arial>Net change in unrealized (appreciation) depreciation of investments</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>39,314,259</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>(Increase) decrease in other assets</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>27,216</FONT></TD>

   <TD width="1%" noWrap align=left></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="94%" noWrap align=left><FONT size=2 face=Arial>(Increase) decrease in receivable for securities sold</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>19,534,494</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>(Increase) decrease in 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>93,872</FONT></TD>

   <TD width="1%" noWrap align=left></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="94%" noWrap align=left><FONT size=2 face=Arial>(Increase) decrease in 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>21,890</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in prepaid rating agency fee</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>43,740</FONT></TD>

   <TD width="1%" noWrap align=left></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="94%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in payable for securities purchased</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>(29,768,213</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" 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></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><FONT size=2 face=Arial>)</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="94%" 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></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(1,349</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in administration 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>14,020</FONT></TD>

   <TD width="1%" noWrap align=left></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="94%" 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></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(89,911</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" 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></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(145</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in audit and tax fees payable</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>(44,046</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in legal 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>(13,380</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></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Increase (decrease) in other accrued expenses payable</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>(28,421</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></TD>

   <TD width="95%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Total adjustments</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>47,275,853</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Net cash provided by (used for) operating activities</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>2,674,037</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="94%"></TD>

   <TD width="1%"></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="1%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" colSpan=3 noWrap align=left><B></B><B></B><B><FONT size=2 face=Arial>Cash provided by (used for) financing activities:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></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%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="94%" noWrap align=left><FONT size=2 face=Arial>Cash dividends and distributions paid to common shareholders and preferred shareholders</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD 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>(5,658,308</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=3 noWrap align=left><FONT size=2 face=Arial>Net cash provided by (used for) financing activities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(5,658,308</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=3 noWrap align=left><FONT size=2 face=Arial>Net increase (decrease) in cash</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(2,984,271</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=3 noWrap align=left><FONT size=2 face=Arial>Cash at beginning of period</FONT></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>3,221,860</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="96%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Cash at end of period</FONT></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>237,589</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="96%" colSpan=3 noWrap align=left><FONT size=2 face=Arial>Cash paid during the period for interest expense from borrowings</FONT></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>1,340,643</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>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>



<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="financialhighlights"></A>Financial highlights</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>Selected data for each share of the Fund outstanding throughout each period were as follows:</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="75%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>Six months</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="75%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>ended</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="75%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" colSpan=3 noWrap align=center><B><FONT size=1 face=Arial>9/30/22</FONT></B><B><FONT size=1 face=Arial><SUP>1</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD COLSPAN="19" STYLE="width: 19%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>Year ended</FONT></B></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: 75%; 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;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>(Unaudited)</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>3/31/22</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>3/31/21</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>3/31/20</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>3/31/19</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">&nbsp;&nbsp;</TD>

   <TD COLSPAN="3" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face=Arial>3/31/18</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="76%" colSpan=2 noWrap align=left><B></B><B><FONT size=2 face=Arial>Net asset value, beginning of period</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></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>13.59</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.84</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>13.71</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.44</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.34</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>14.31</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="76%" colSpan=2 noWrap align=left><B></B><B><FONT size=2 face=Arial>Income (loss) from investment operations:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="76%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Net investment income<SUP>2</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>0.27</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.51</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.58</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.54</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.59</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.64</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="76%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Net realized and unrealized gain (loss)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(2.40</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(1.12</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>1.12</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.57</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.11</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.01</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="76%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Total from investment operations</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(2.13</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.61</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>1.70</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.03</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.70</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>0.63</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="76%" colSpan=2 noWrap align=left><B></B><B><FONT size=2 face=Arial>Less dividends and distributions to common</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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 width="1%" noWrap align=left><B></B></TD>

   <TD width="75%" noWrap align=left><B><FONT size=2 face=Arial>shareholders from:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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 COLSPAN="2" STYLE="width: 76%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Net investment income</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>(0.27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>(0.54</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>(0.51</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>(0.55</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>(0.60</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>(0.60</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="76%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Net realized gain</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.10</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.06</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>(0.15</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 76%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Total dividends and distributions</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>(0.27</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: 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>(0.64</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</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>(0.57</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</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>(0.70</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</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>(0.60</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</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>(0.60</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="76%" colSpan=2 noWrap align=left><B></B><B><FONT size=2 face=Arial>Net asset value, end of period</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>11.19</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>13.59</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.84</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>13.71</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.44</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=right><FONT size=2 face=Arial>14.34</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 76%; white-space: nowrap; text-align: left; background-color: Silver"><B></B><B><FONT size=2 face=Arial>Market value, end of period</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><B></B></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"><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>10.89</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"><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>12.65</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"><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>13.12</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"><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>12.24</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: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"><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>12.69</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="background-color: Silver; border-bottom: #000000 1pt solid; width: 1%; white-space: nowrap; text-align: left"><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>12.62</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="76%" colSpan=2 noWrap align=left><B></B><B><FONT size=2 face=Arial>Total return based on:<SUP>3</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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 COLSPAN="2" STYLE="width: 76%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Net asset 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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>(16.02%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>(4.15%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>13.20%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>(0.24%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>5.71%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>4.84%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="76%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Market value</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(11.94%</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>0.92%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>12.11%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>1.35%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>5.56%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>2.04%</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 76%; white-space: nowrap; text-align: left; background-color: Silver"><B></B><B><FONT size=2 face=Arial>Ratios and supplemental data:</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><B></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: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="76%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Net assets applicable to common shares, end 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>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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 width="1%" noWrap align=left></TD>

   <TD width="75%" noWrap align=left><FONT size=2 face=Arial>period (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>234,446</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>284,706</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>67,182</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>62,085</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>65,399</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>64,924</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 76%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Ratio of expenses to average net assets</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 75%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>applicable to common shareholders<SUP>4</SUP></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>2.06%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>1.57%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>1.66%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>2.27%</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: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>2.31%</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"><FONT size=2 face=Arial>1.97%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="76%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Ratio of net investment income to average net</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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 width="1%" noWrap align=left></TD>

   <TD width="75%" noWrap align=left><FONT size=2 face=Arial>assets applicable to common shareholders<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>4.25%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.45%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.03%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>3.69%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.19%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>4.36%</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 76%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Portfolio turnover</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>44%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>75%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>19%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>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: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>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"></TD>

   <TD STYLE="width: 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>50%</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="76%" colSpan=2 noWrap align=left><B></B><B><FONT size=2 face=Arial>Leverage analysis:</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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 COLSPAN="2" STYLE="width: 76%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>Value of preferred shares outstanding</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 75%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face=Arial>(000 omitted)<SUP>6</SUP></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 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>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: 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>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: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>30,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>30,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>30,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face=Arial>30,000</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="76%" colSpan=2 noWrap align=left><FONT size=2 face=Arial>Net asset coverage per share of preferred</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></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 width="1%" noWrap align=left></TD>

   <TD width="75%" noWrap align=left><FONT size=2 face=Arial>shares, end of period<SUP>6</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>273,664</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>310,893</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>323,942</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>306,949</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>317,996</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>316,412</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="background-color: Silver; width: 76%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>Liquidation value per share of preferred shares<SUP>6</SUP></FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 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>100,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 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: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>100,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 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: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>100,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 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: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>100,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 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: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>100,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="background-color: Silver; width: 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: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>100,000</FONT></TD>

   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR></TABLE>

<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="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>Ratios have been annualized and total return and portfolio turnover have not been annualized.</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>Net investment income is reduced by dividends paid to preferred shareholders from net investment income of $0.06, $0.08, $0.08, $0.17, $0.18, and $0.14 per share for the six months ended September 30, 2022 and 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>3</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>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 expenses to average net assets applicable to common shareholders excluding interest expense for the six months ended September 30, 2022 and years ended March 31, 2022, 2021, 2020, 2019, and 2018 were 1.04%, 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>5</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 six months ended September 30, 2022 and the years ended March 31, 2022, 2021, 2020, 2019, and 2018 were 5.26%, 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>6</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.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>See accompanying notes, which are an integral part of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>21</FONT></P>

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<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>September 30, 2022 (Unaudited)</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 by the Fund's valuation designee, Delaware Management Company (DMC). Subject to the oversight of the Fund's Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities with that are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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 and private placements are valued at fair value.</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 six months ended September 30, 2022 and for all open tax years (years ended March 31, 2019&#8211;March 31, 2022), 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 six months ended September 30, 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>22</FONT></P>

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<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 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 administrative 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 the next $45 billion; and 0.0015% of aggregate average daily net assets in excess of $90 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. This amount is included on the &#8220;Statement of operations&#8221; under &#8220;Accounting and administration expenses.&#8221; For the six months ended September 30, 2022, the Fund paid $21,433 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. This amount is included on the &#8220;Statement of operations&#8221; under &#8220;Legal fees.&#8221; For the six months ended September 30, 2022, the Fund paid $20,507 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 six months ended September 30, 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 six months ended September 30, 2022, the Fund engaged in Rule 17a-7 securities purchases of $34,383,915. For the six months ended September 30, 2022, the Fund engaged in Rule 17a-7 securities sales of $47,018,606, resulting in net losses of $2,073,138.</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 six months ended September 30, 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="97%" noWrap align=left><FONT size=2 face=Arial>Purchases</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>174,746,333</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="97%" noWrap align=left><FONT size=2 face=Arial>Sales</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>174,545,841</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>At September 30, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2022, the cost and unrealized appreciation (depreciation) of investments 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="96%" noWrap align=left><FONT size=2 face=Arial>Cost of investments</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>402,319,520</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Aggregate unrealized appreciation of investments</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>446,644</FONT></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>Aggregate unrealized depreciation of investments</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>(37,549,783</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Net unrealized depreciation of investments</FONT></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>(37,103,139</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>At March 31, 2022, capital loss carryforwards available to offset future realized capital gains 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="94%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="5%" colSpan=5 noWrap align=center><FONT size=2 face=Arial>Loss carryforward character</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="94%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Short-term</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Long-term</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Total</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="94%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>$20,151</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>$&#8212;</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$20,151</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>23</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial color="#b2b2b2">Notes to financial statements</FONT><BR><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></P>

<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 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="LINE-HEIGHT: normal; 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</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&#8211;&nbsp;</FONT></TD>

   <TD vAlign=top width="98%" align=left>



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)</FONT></P></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>Level 2</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&#8211;&nbsp;</FONT></TD>

   <TD vAlign=top width="98%" align=left>



   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)</FONT></P></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>Level 3</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face=Arial>&nbsp;&#8211;&nbsp;</FONT></TD>

   <TD vAlign=top width="98%" align=left>



   <P style="TEXT-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></P></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>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The following table summarizes the valuation of the Fund&#8217;s investments by fair value hierarchy levels as of September 30, 2022:</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="98%" noWrap align=left></TD>

   <TD width="1%" noWrap align=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>Level 2</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="98%" noWrap align=left><FONT size=2 face=Arial style="border-bottom: 1pt solid #000000; padding-bottom: 2pt">Securities</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=left><FONT size=2 face=Arial style="border-bottom: 1pt solid #000000; padding-bottom: 2pt">Assets:</FONT></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="98%" noWrap align=left><FONT size=2 face=Arial>Municipal Bonds</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>$365,216,381</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>During the six months ended September 30, 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 period in relation to the Fund's net assets. During the six months ended September 30, 2022, there were no Level 3 investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>4. 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 six months ended September 30, 2022 and the year ended March 31, 2022, 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 Fund issued MMP shares in the same amount and value as its previously outstanding VMTP shares. On February 11, 2022, the Fund</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>24</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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 of VCF and VMM 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 Series 2 and Series 3 MMP shares are substantially similar to those of the Series 1. For more information on the Reorganization see Note 5.</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 all of the Fund&#8217;s MMP shares for the six months ended September 30, 2022 is 0.20%.</FONT></P>
<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 NAV 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"><B><FONT size=2 face=Arial>5. 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</FONT></P>
<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>25</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial COLOR=#B2B2B2>Notes to financial statements</FONT><BR><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>5. Reorganization (continued) </FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Shares</FONT></TD>
   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Acquired</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Acquired</FONT></TD>
   <TD width="1%" noWrap align=center></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=center></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Fund</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Fund Shares</FONT></TD>
   <TD width="1%" noWrap align=center></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></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=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Net Assets</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Outstanding</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Fund</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Net Assets</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Ratio</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Delaware Investments National</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Municipal Income Fund, Inc.</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Municipal Income Fund</FONT></TD>
   <TD width="1%" noWrap align=center></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=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>$71,680,609</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>4,837,100</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>4,995,164</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>$64,997,119</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1.0327</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="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>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=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Acquired</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Acquired</FONT></TD>
   <TD width="1%" noWrap align=center></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=center></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Funds</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>Fund Shares</FONT></TD>
   <TD width="1%" noWrap align=center></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></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=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Net Assets</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Outstanding</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Fund</FONT></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Net Assets</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><FONT size=2 face=Arial>Ratio</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></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></TD>
   <TD width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Delaware Investments National</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Municipal Income Fund II</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=3 noWrap align=center><FONT size=2 face=Arial>Municipal Income Fund</FONT></TD>
   <TD width="1%" noWrap align=center></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=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>$164,074,927</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>11,504,975</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>11,433,793</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>$64,997,119</FONT></TD>
   <TD width="1%" noWrap align=center></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 STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Net investment income</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>10,353,883</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Net realized loss on investments</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face=Arial>(2,024,210</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Net change in unrealized appreciation (depreciation)</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(22,051,855</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="96%" noWrap align=left><FONT size=2 face=Arial>Net decrease in net assets resulting from operations</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>$</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(13,722,182</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>)</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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>6. Geographic, Credit, and Market Risks</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.</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</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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 September 30, 2022, the Fund has invested 19.81%, 36.56%, and 24.67% (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 2.</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 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>
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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Notes to financial statements<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>6. Geographic, Credit, and Market Risks (continued)</FONT></B></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>7. 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>8. 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. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. 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>9. 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 September 30, 2022, that would require recognition or disclosure in the Fund's financial statements.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=6 face=Arial><A NAME="otherfundinformation"></A>Other Fund information (Unaudited)<BR></FONT><FONT size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</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 US Fixed Income and 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. Gizzi is also the Head of US Fixed Income, a role he assumed in July 2022. In this role, he is responsible for the oversight of the US fixed income business and works closely with US MFI leadership to ensure the delivery of the team&#8217;s business objectives in the region. Before joining Macquarie Asset Management (MAM) 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 Senior Portfolio Manager on the municipal bond team within Macquarie Asset Management Fixed Income (MFI) in the Americas, a role he assumed in 2017. In addition to portfolio management, his responsibilities include oversight of distressed and high yield investments across municipals, public purpose, and corporate credit sectors. Van Roden joined MFI&#8217;s municipal department in July 2004 as a generalist and became head of municipal trading in December 2012. Prior to joining MFI, van Roden interned at Macquarie Asset Management (MAM) 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>
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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Other Fund information (Unaudited)<BR></FONT><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>What are the Fund&#8217;s principal investment strategies? (continued)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Manager analyzes economic and market conditions, seeking to identify the securities or market sectors that the Manager thinks are the best investments for the Fund. The Fund generally invests in debt obligations issued by state and local governments and their political subdivisions, agencies, authorities, and instrumentalities that are exempt from federal income tax. The Fund may also invest in debt obligations issued by or for the District of Columbia, and its political subdivisions, agencies, authorities, and instrumentalities or territories and possessions of the United States that are exempt from federal income tax.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund will generally invest in securities for income rather than seeking capital appreciation through active trading. However, the Fund may sell securities for a variety of reasons, such as to reinvest the proceeds in higher yielding securities, to eliminate investments not consistent with the preservation of capital, to fund tender offers, or to address a weakening credit situation.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund invests its assets in securities with maturities of various lengths, depending on market conditions, but will have a dollar-weighted average effective maturity of between 20 and 30 years. The Manager will adjust the average maturity of the bonds in the Fund&#8217;s portfolio to attempt to provide a current tax-exempt income, consistent with preservation of capital. The Fund may focus its investments in certain types of bonds or in a certain segment of the municipal bond market when the supply of bonds in other sectors do not suit its investment needs.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limitation in general obligation bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality. The Fund may invest without limitation in revenue bonds in the top four quality grades or bonds that are unrated, but which the Manager determines to be of equal quality.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limitation in insured Municipal Obligations. In addition, insurance is available on uninsured bonds and the Fund may purchase such insurance directly. The Manager will generally do so only if it believes that purchasing and insuring a Municipal Obligation provides an investment opportunity at least comparable to owning other available insured Municipal Obligations.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Private activity or private placement bonds are municipal bond issues whose proceeds are used to finance certain nongovernment activities, including some types of industrial revenue bonds such as privately owned sports and convention facilities. The Tax Reform Act of 1986 subjects interest income from these bonds to the federal alternative minimum tax and makes the tax-exempt status of certain bonds dependent on the issuer&#8217;s compliance with specific requirements after the bonds are issued. As described above, the Fund may invest up to 20% of its assets in bonds whose income is subject to the federal alternative minimum tax. This means that a portion of the Fund&#8217;s distributions could be subject to the federal alternative minimum tax that applies to certain taxpayers.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limit in advance refunded bonds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest without limitation in high-quality, short-term tax-free instruments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, commonly known as &#8220;Rule 144A Securities.&#8221; Restricted securities that are determined to be illiquid may not exceed the Fund&#8217;s 15% limit on investments in illiquid securities.</FONT></P>
<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</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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 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>

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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Other Fund information (Unaudited)</FONT><BR><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>What are the principal risks of investing in the Fund? (continued)</FONT></B></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"><B><FONT size=2 face=Arial>Board Consideration of Investment Management Agreement at Meeting Held August 9-11, 2022<BR>Delaware Investments National Municipal Income Fund</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>At a meeting held on August 9-11, 2022 (the &#8220;Annual Contract Renewal Meeting&#8221;), the Board of Trustees (the &#8220;Board&#8221;), including a majority of Trustees each of whom is not an &#8220;interested person&#8221; as defined under the Investment Company Act of 1940 (the &#8220;Independent Trustees&#8221;), approved the renewal of the Delaware Investments National Municipal Income Fund (the &#8220;Fund&#8221;) Investment Management Agreement with Delaware Management Company (&#8220;DMC&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Prior to the Meeting, including at a Board meeting held in May 2022, the Trustees conferred extensively among themselves and with representatives of DMC about these matters. Also, the Board was assisted by the applicable Investment Committee, with each Investment Committee assisting the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Investment Management Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In providing information to the Board, DMC was guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board&#8217;s annual contract renewal process earlier in 2022. In considering and approving the Investment Management Agreement, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with DMC about various topics. In this regard, the Board reviewed reports of DMC at each of its quarterly meetings, which included information about, among other things, Fund performance, investment strategies, and expenses. In addition, the Investment Committees confer with portfolio managers at various times throughout the year. In considering information relating to the approval of the Fund&#8217;s Investment Management Agreement, the Independent Trustees also received information from an independent fund consultant, JDL Consultants, LLC (&#8220;JDL&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>After its deliberations, the Board unanimously approved the continuation of the Investment Management Agreement for a one-year term. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approval.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>32</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Nature, extent, and quality of services. </FONT></B><FONT size=2 face=Arial>The Board received and considered various information regarding the nature, extent, and quality of the advisory services provided to the Fund by DMC under its Investment Management Agreement, and the experience of the officers and employees of DMC who provide these services, including the Fund&#8217;s portfolio manager. The Board&#8217;s review included consideration of DMC&#8217;s investment process and oversight and research and analysis capabilities, and its ability to attract and retain qualified investment professionals. The Board considered information regarding DMC&#8217;s programs for risk management, including investment, operational, liquidity, valuation, and compliance risks. The Board also considered the additional services provided to the Fund due to the fact that the Fund is a closed-end fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund&#8217;s trading discount, managed distribution program and distribution rates. The Board received information with respect to the cybersecurity program and business continuity plans of DMC and its affiliates. The Board also considered non-advisory services that DMC and its affiliates provide to the Delaware Funds, including third party oversight, transfer agent, internal audit, valuation, portfolio trading, and legal and compliance. The Board took into account the benefits to shareholders of investing in a Fund that is part of a family of funds managed by an affiliate of Macquarie Group Ltd. (&#8220;Macquarie&#8221;), the parent company of DMC, and the resources available to DMC as part of Macquarie&#8217;s global asset management business.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Fund by DMC.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Investment performance. </FONT></B><FONT size=2 face=Arial>The Board received and considered information with respect to the investment performance of the Fund, including performance reports and discussions with portfolio managers at meetings of the Board&#8217;s Investment Committees throughout the year as well as reports provided by Broadridge Financial Solutions, an independent investment company data provider (&#8220;Broadridge&#8221;), furnished for the Annual Contract Renewal Meeting. The Broadridge reports prepared for the Fund showed its investment performance in comparison to a group of similar funds (the &#8220;Performance Universe&#8221;). The Board received a description of the methodology used by Broadridge to select the funds in the Performance Universe. Comparative annualized performance for the Fund was shown for the past 1-, 3-, 5-, 10-year periods and since inception, as applicable, ended December 31, 2021.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Performance Universe for the Fund consisted of the Fund and all leveraged closed-end general and insured municipal debt (leveraged) funds, regardless of asset size. The Broadridge report comparison showed that the Fund&#8217;s total return for the 1- and 3-year periods was above the median and for the 5-year period was below the median by one basis point for its Performance Universe. The Broadridge report also showed that the Fund outperformed its Lipper index for the 1- and 3-year periods and slightly underperformed its Lipper benchmark for the 5-year period. The Board noted that the Fund was generally performing in line with its Performance Universe and Lipper benchmark during the periods under review. The Board also noted that the Fund&#8217;s performance was ahead of its Lipper benchmark for the one period ended December 31, 2021.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Comparative expenses. </FONT></B><FONT size=2 face=Arial>The Board received and considered expense data for the Fund. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also considered on the comparative analysis of contractual management fees and actual total expense ratios of the Fund versus contractual management fees and actual total expense ratios of a group of similar funds as selected by Broadridge (the &#8220;Expense Group&#8221;). In reviewing comparative costs, the Fund&#8217;s contractual management fee and the actual management fee (for common and leveraged assets) incurred by the Fund were compared with the contractual management fees (assuming all funds were similar in size to the Fund) and actual management fees, taking into account any applicable breakpoints and fee waivers, with the Fund&#8217;s expense universe, which is comprised of the Fund, its Expense Group and all other leveraged closed-end general and insured municipal debt (leveraged) funds, excluding outliers (the &#8220;Expense Universe&#8221;). The Fund&#8217;s total expenses were also compared with those of its Expense Universe.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The expense comparisons for the Fund showed that its actual management fee was below the median of its Expense Universe for both common and leveraged assets and its actual total expenses were below the median of its Expense Group average.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>The Board also received and considered information about the nature and extent of services offered and fee rates charged by DMC to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing registered investment companies compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients, unregistered funds and separately managed accounts.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face=Arial>33</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#b2b2b2 size=6 face=Arial>Other Fund information (Unaudited)</FONT><BR><FONT color=#b2b2b2 size=2 face=Arial>Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Board Consideration of Investment Management Agreement at Meeting Held August 9-11, 2022<BR>Delaware Investments National Municipal Income Fund (continued)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to DMC under the Investment Management Agreement was reasonable.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Economies of scale. </FONT></B><FONT size=2 face=Arial>The Board received and considered information about the potential for DMC to realize economies of scale in the provision of management services to the Fund, the difficulties of calculating economies of scale at an individual Fund level and the extent to which potential scale benefits are shared with shareholders. The Board reviewed the Fund&#8217;s advisory fee pricing and structure. The Board noted that the Fund may also benefit from economies of scale through DMC&#8217;s investment in its business, including investments in business infrastructure, technology and cybersecurity.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Management profitability. </FONT></B><FONT size=2 face=Arial>The Board received and considered the Investment Management Profitability Analysis that addressed the overall profitability of DMC&#8217;s business in providing management and other services to the Fund and the Delaware Funds as a whole, including the methodology used by DMC in allocating costs for the purpose of determining profitability. The Board also reviewed a report prepared by JDL regarding DMC&#8217;s profitability as compared to certain peer fund complexes and the Independent Trustees discussed DMC&#8217;s profitability in such context with representatives from JDL. Based on its review, the Board determined that DMC&#8217;s profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Ancillary benefits. </FONT></B><FONT size=2 face=Arial>The Board received and considered information regarding the extent to which DMC and its affiliates might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as investment manager to the Delaware Funds; the benefits from allocation of fund brokerage to improve trading efficiencies; and the fees that various affiliates received for serving as transfer agent and for overseeing fund accounting and financial administration services to the Delaware Funds. The Board received information from DMC regarding its view of the performance of its affiliates in providing transfer agent and fund accounting and financial administration oversight services and the organizational structure employed to provide these services pursuant to their contracts with the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Based on its consideration of the factors and information it deemed relevant, including the costs of providing investment management and other services to the Fund and the ongoing commitment of DMC and its affiliates to the Fund, the Board did not find that any ancillary benefits received by DMC and its affiliates were unreasonable.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Conclusion. </FONT></B><FONT size=2 face=Arial>Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including all of the Independent Trustees, approved the continuation of DMC&#8217;s Investment Management Agreement for an additional one-year period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>34</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Proxy results</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>At the annual meeting on September 11, 2022, the shareholders of Delaware Investments National Municipal Income Fund voted to elect a Board of Trustees. A quorum was present and the votes passed with a majority of those shares. All shareholders of Delaware Investments National Municipal Income Fund vote together with respect to the election of each Trustee with one exception: The holders of preferred shares of Delaware Investments National Municipal Income Fund that have issued one or more classes of preferred shares have the exclusive right to separately elect two Trustees, Ms. Borowiec and Mr. Chow. The results of the voting at the meeting 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="92%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" colSpan=3 noWrap align=center><B><FONT size=2 face=Arial>Common shareholders</FONT></B></TD>

   <TD width="1%" noWrap align=right><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="3%" colSpan=3 noWrap align=center><B><FONT size=2 face=Arial>Preferred shareholders</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="92%" noWrap align=left></TD>

   <TD width="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><B><FONT size=2 face=Arial>Shares voted</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Shares voted</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="92%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Shares</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>withheld</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>Shares</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial>withheld</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="92%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>voted for</FONT></B></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"><B><FONT size=2 face=Arial>authority</FONT></B></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"><B><FONT size=2 face=Arial>voted for</FONT></B></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"><B><FONT size=2 face=Arial>authority</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Thomas L. Bennett</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>16,396,630</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>8,043</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Jerome D. Abernathy</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>16,486,236</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>8,043</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Ann D. Borowiec*</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>N/A</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>N/A</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Joseph W. Chow*</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>N/A</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>N/A</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>H. Jeffrey Dobbs</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>16,377,926</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>8,043</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>John A. Fry</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>16,416,303</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>11,958</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Joseph Harroz, Jr.</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>16,431,959</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>11,958</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Sandra A.J. Lawrence</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>16,411,949</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>8,043</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Shawn K. Lytle</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>16,463,232</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>8,043</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Frances A. Sevilla-Sacasa</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>16,366,890</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>11,958</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Thomas K. Whitford</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>16,465,370</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>8,043</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Christianna Wood</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>16,449,922</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>8,043</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="92%" noWrap align=left><FONT size=2 face=Arial>Janet L. Yeomans</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>16,400,763</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>8,043</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face=Arial>1,350</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</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>*Exclusively elected by the Fund&#8217;s preferred shareholders.</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="abouttheorganization"></A>About the organization</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>This semiannual report is for the information of Delaware Investments<SUP>&#174; </SUP>National Municipal Income Fund shareholders.</FONT></P>

<TABLE style="BORDER-COLLAPSE: collapse; 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 trustees</FONT></B></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Shawn K. Lytle</B><BR>President and<BR>Chief Executive Officer<BR>Delaware Funds by Macquarie<SUP>&#174;</SUP></FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Jerome D. Abernathy</B><BR>Managing Member<BR>Stonebrook Capital Management, LLC</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Thomas L. Bennett</B><BR>Private Investor</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Ann D. Borowiec</B><BR>Former Chief Executive Officer<BR>Private Wealth Management<BR>J.P. Morgan Chase &amp; Co.</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Joseph W. Chow</B><BR>Private Investor</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>H. Jeffrey Dobbs*</B><BR>Former Global Sector Chairman<BR>of Industrial Manufacturing<BR>KPMG LLP</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>John A. Fry*</B><BR>President<BR>Drexel University</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Joseph Harroz, Jr.</B><BR>President<BR>University of Oklahoma</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial><B>Sandra A.J. Lawrence*</B><BR>Former Chief Administrative Officer<BR>Children's Mercy Hospitals and Clinics</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>*Audit committee member</FONT></P></TD>

   <TD vAlign=top width="1%" align=left>&nbsp;</TD>

   <TD vAlign=top width="33%" 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"><FONT size=2 face=Arial><B>Thomas K. Whitford</B><BR>Chairman of the Board<BR>Delaware Funds by Macquarie<BR>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>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 of Macquarie Investment Management 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 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;</TD>

   <TD vAlign=top width="32%" 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 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"><FONT size=2 face=Arial><B>Number of recordholders as of<BR>September 30, 2022</B><BR>55</FONT></P>

   <DIV style="MARGIN-BOTTOM: 4pt; 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></DIV>

   <DIV style="MARGIN-BOTTOM: 4pt; 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&#8217;s most recent Form N-PORT are available without charge on the Fund&#8217;s website at delawarefunds.com/closed-end.</FONT></DIV>

   <DIV 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&#8217;s website at delawarefunds.com/proxy; and (ii) on the SEC&#8217;s website at sec.gov.</FONT></DIV></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>36</FONT></P>

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<DIV STYLE="page-break-before: always"></DIV>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 2. Code of Ethics</FONT></P>

<P STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Not applicable.</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">Not applicable.</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">Not applicable.</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">Not applicable.</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">Not applicable.</FONT></P>
<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">Not applicable.</FONT></P>
<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 240.15d-15(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>

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<DIV STYLE="page-break-before: always"></DIV>

<P STYLE="text-indent: 15pt; text-align: left">
<FONT size=2 face="Times New Roman">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: 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">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-align: left; text-indent: 30pt"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>

<P STYLE="text-align: left; margin-left: 15pt"><FONT size=2 face="Times New Roman"><A HREF="mimcef4129501-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="text-align: left; text-indent: 15pt"><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-align: left; text-indent: 30pt"><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="mimcef4129501-ex99906cert.htm" STYLE="-sec-extract: exhibit">(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.</A></FONT></P>

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<P STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">SIGNATURES</FONT></B></P>

<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND
</FONT></B></P>


<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman"></FONT></P>

<TABLE style="WIDTH: 15%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" colSpan=2 align=left><FONT size=2 face="Times New Roman">/s/SHAWN K. LYTLE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD width="98%" align=left><FONT size=2 face="Times New Roman">Shawn K. Lytle</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">President and Chief Executive Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" align=left><FONT size=2 face="Times New Roman">Date:&nbsp;</FONT></TD>

   <TD width="98%" align=left><FONT size=2 face="Times New Roman">December 8, 2022</FONT></TD></TR></TABLE>

<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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="WIDTH: 15%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 align=left><FONT size=2 face="Times New Roman">/s/SHAWN K. LYTLE</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD width="88%" align=left><FONT size=2 face="Times New Roman">Shawn K. Lytle</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">President and Chief Executive Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=left><FONT size=2 face="Times New Roman">Date:&nbsp;</FONT></TD>

   <TD width="88%" align=left><FONT size=2 face="Times New Roman">December 8, 2022</FONT></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 align=left><FONT size=2 face="Times New Roman">/s/RICHARD SALUS</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD width="88%" align=left><FONT size=2 face="Times New Roman">Richard Salus</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="88%" align=left><FONT size=2 face="Times New Roman">Chief Financial Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="11%" align=left><FONT size=2 face="Times New Roman">Date:</FONT></TD>

   <TD width="88%" align=left><FONT size=2 face="Times New Roman">December 8, 2022
</FONT></TD></TR></TABLE><BR>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>mimcef4129501-ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT 99.CERT </FONT></B></P>
<P align=center><B><U><FONT face="Times New Roman" size=2>CERTIFICATION</FONT></U></B></P>
<P align=left><FONT face="Times New Roman" size=2>I, Shawn K. Lytle, certify that:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-top: 2pt"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>I have
      reviewed this report on Form N-CSR of Delaware Investments 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: December 8, 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 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: December 8, 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>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>mimcef4129501-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: December 8, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="97%">&nbsp;</TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>A signed original of this written
statement required by Section 906 of the Sarbanes-Oxley Act, or other document
authenticating, acknowledging, or otherwise adopting the signatures that appear
in typed form within the electronic version of this written statement required
by Section 906, has been provided to the registrant and will be retained by the
registrant and furnished to the SEC or its staff upon request. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>4
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
