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<SEC-DOCUMENT>0000088053-02-000742.txt : 20020722
<SEC-HEADER>0000088053-02-000742.hdr.sgml : 20020722
<ACCEPTANCE-DATETIME>20020722101749
ACCESSION NUMBER:		0000088053-02-000742
CONFORMED SUBMISSION TYPE:	N-30D
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20020531
FILED AS OF DATE:		20020722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCUDDER MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000839533
		IRS NUMBER:				363605060
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-30D
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		02707287

	BUSINESS ADDRESS:	
		STREET 1:		222 SOUTH RIVERSIDE PLAZA
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3125371569

	MAIL ADDRESS:	
		STREET 1:		222 SOUTH RIVERSIDE PLAZA
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-30D
<SEQUENCE>1
<FILENAME>mit.htm
<TEXT>
<!doctype html PUBLIC "-//IETF//DTD HT
ML//EN">
<HTML>
<head>
<title>Zurich Scudder Investments</title>
</head>

<BODY BGCOLOR=#ffffff>
<P ALIGN="JUSTIFY">[Scudder Investments logo]
 <BR>
</P>
<TABLE WIDTH="500" BGCOLOR="#CCCCCC" CELLPADDING="0" CELLSPACING="0">
<TR>
<TD ALIGN="LEFT"  VALIGN="BOTTOM" COLSPAN="3" BGCOLOR="#CCCCCC">
<H1 ALIGN="LEFT"><BR>
Scudder Municipal<BR>
Income Trust</H1>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT"  VALIGN="BOTTOM" BGCOLOR="#CCCCCC">
<P ALIGN="LEFT">
</P>
</TD>
<TD ALIGN="LEFT"  VALIGN="BOTTOM" COLSPAN="2" BGCOLOR="#CCCCCC">
<H2 ALIGN="LEFT"></H2>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT"  VALIGN="BOTTOM" BGCOLOR="#CCCCCC">
<P ALIGN="LEFT">
</P>
</TD>
<TD ALIGN="LEFT"  VALIGN="BOTTOM" COLSPAN="2" BGCOLOR="#CCCCCC">
<H2 ALIGN="LEFT">Semiannual Report</H2>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT"  VALIGN="TOP" BGCOLOR="#CCCCCC">
<P ALIGN="LEFT">
</P>
</TD>
<TD ALIGN="LEFT"  VALIGN="TOP" COLSPAN="2" BGCOLOR="#CCCCCC">
<H2 ALIGN="LEFT">May 31, 2002</H2>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT"  VALIGN="BOTTOM" COLSPAN="3" BGCOLOR="#CCCCCC">
<P ALIGN="JUSTIFY">
</P>
</TD>
</TR>


</TABLE>
<BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Contents</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#perfsum">&lt;Click Here&gt;</A></FONT>	Performance Summary
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#eov"></A><A HREF="#eov"></A><A HREF="#eov">&lt;Click Here&gt;</A></FONT>	Economic Overview
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#pmr">&lt;Click Here&gt;</A></FONT>	Portfolio Management Review
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#portsum">&lt;Click Here&gt;</A></FONT>	Portfolio Summary
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#portfolio">&lt;Click Here&gt;</A></FONT>	Investment Portfolio
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#fins">&lt;Click Here&gt;</A></FONT>	Financial Statements
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#high">&lt;Click Here&gt;</A></FONT>	Financial Highlights
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#notes">&lt;Click Here&gt;</A></FONT>	Notes to Financial Statements
</P>
<P ALIGN="LEFT">	<FONT COLOR="#3d0000"><A HREF="#drip">&lt;Click Here&gt;</A></FONT>	Dividend Reinvestment Plan
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#u2TJx128BEma">&lt;Click Here&gt;</A></FONT>	Shareholder Meeting Results
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#amr">&lt;Click Here&gt;</A></FONT>	Account Management Resources
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">	<A HREF="#priv">&lt;Click Here&gt;</A></FONT>	Privacy Statement
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT">
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2">NYSE Symbol</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2">CUSIP Number</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<B><FONT SIZE="-2">Scudder Municipal Income Trust</FONT></B>
<BR></TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2">XKTFX</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2">8118R604</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2">On April 5, 2002, Zurich Scudder Investments (ZSI) was acquired by Deutsche Bank. Upon the closing
of this transaction, ZSI became part of Deutsche Asset Management and changed its name to
Deutsche Investment Management Americas Inc.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2">Deutsche Asset Management is the marketing name in the United States for the asset management
activities of Deutsche Bank AG, Deutsche Investment Management Americas Inc., Deutsche Asset
Management Inc., Deutsche Bank Securities Inc., Deutsche Asset Management Investment Services
Ltd., Deutsche Bank Trust Company Americas and Scudder Trust Company.</FONT></I>
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="perfsum" ID="perfsum"></A>Performance Summary	</FONT><B><FONT SIZE="-1" COLOR="#3d0000">May 31, 2002</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Average Annual Total Returns</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2">6-Month</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2">1-Year</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2">3-Year</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2">5-Year</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2">10-Year</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Based on Net Asset Value<SUP>(a)</SUP></FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">3.88%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">9.27%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">6.91%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">6.72%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">7.27%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Based on Market Price</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">1.64%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">7.39%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">2.72%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">3.07%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2">6.28%</FONT><BR>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Net Asset Value and Market Price</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">

<BR></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2">As of 5/31/02</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2">As of 11/30/01</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Net Asset Value</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">$	11.95</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">$	11.87</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Market Price</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">$	11.19</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">$	11.37</FONT>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Distribution Information</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Six Months:</FONT><BR>
<FONT SIZE="-2">Income Dividends (common shareholders)</FONT>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">$	.36</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">May Income Dividend (common shareholders)</FONT>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">$	.06</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Current Annualized Distribution Rate (based on Net Asset Value)<SUP>+</SUP></FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">	6.03%</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Current Annualized Distribution Rate (based on Market Price)<SUP>+</SUP></FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">	6.43%</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Tax Equivalent Distribution Rate (based on Net Asset Value)<SUP>+</SUP></FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">	9.82%</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">Tax Equivalent Distribution Rate (based on Market Price)<SUP>+</SUP></FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2">	10.47%</FONT>
</TD>
</TR>


</TABLE>
<BR>
<I><FONT SIZE="-2"><SUP>a</SUP>	Total investment returns reflect changes in net asset value per share during each period and
assume that dividends and capital gains distributions, if any, were reinvested. These percentages
are not an indication of the performance of a shareholder's investment in the Fund based on
market price.</FONT></I><BR>
<I><FONT SIZE="-2"><SUP>+</SUP></FONT></I><FONT SIZE="-2">	<I>Current annualized distribution rate is the latest monthly dividend shown as an annualized
percentage of net asset value/market price on May 31, 2002. Distribution rate simply measures the
level of dividends and is not a complete measure of performance. Tax equivalent distribution rate is
based on the Fund's distribution rate and a marginal income tax rate of 38.6%. Distribution rates
are historical and will fluctuate.</I></FONT><BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2">All performance is historical, assumes reinvestment of all dividends and capital gains, and is not
indicative of future results. Investment return and principal value will fluctuate.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2">Investments in funds involve risk. Some funds have more risk than others. These include funds that
allow exposure to or otherwise concentrate investments in certain sectors, geographic regions, security
types, market capitalization or foreign securities (e.g., political or economic instability, which can be
accentuated in emerging market countries). </FONT></I>
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="eov" ID="eov"></A>Economic Overview</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT">Dear Shareholder:
</P>
<P ALIGN="LEFT">Economic recovery is continuing, but at a more moderate pace than earlier in
the year.
</P>
<P ALIGN="LEFT">It appears that a rebound in corporate profits is underway. Unit labor costs -
the main squeeze on profits in the past few years - are falling, allowing firms
to restore profit margins. And increased profits will eventually provide firms
the wherewithal to finance renewed capital spending. That, together with
sustained consumer expenditures and an acceleration in government outlays,
should be sufficient to shift final demand into higher gear during the second
half of this year.
</P>
<P ALIGN="LEFT">For the moment, though, demand remains steady but unspectacular, and the
Federal Reserve is consequently wary of raising interest rates. We don't believe
that the central bank will raise short-term interest rates until the economic
recovery shifts to a more self-sustained, demand-led phase. At a minimum, the
Fed will want to see more concrete signs of a revival in business investment
and much greater improvement in the labor markets before raising rates. We
expect this evidence to emerge gradually in the second half of the year, and
then continue to solidify in 2003. As a result, we see the federal funds rate
rising from its current 1.75 percent to about 2.50 percent by the end of this
year, and then to 4.50 percent by the end of 2003.
</P>
<P ALIGN="LEFT">How will this affect the fixed-income markets? Short-term interest rates will
probably remain steady until more convincing signs of economic acceleration
appear. That is unlikely before late summer. Then, once the Fed's rate-reversal
process begins, short- and intermediate-term rates will rise, and continue to do
so throughout the Fed's tightening process. Longer-term rates probably won't
rise much, though, given that inflation is likely to remain tame.
</P>
<P ALIGN="LEFT">The increase in profits we envision should obviously help equities, but markets
already seem to be pricing in a sizable improvement in earnings. Further,
equity valuations remain high. On balance, we expect annualized equity
returns of 5 percent to 8 percent - better than in 2000 and 2001, but well
below the average annual returns seen during the past few decades, and closer
to what will likely be the long-term sustainable trend going forward.
</P>
<BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="8">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Economic Guideposts Data as of 5/31/02</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="MIDDLE">
<FONT SIZE="-2"><FONT COLOR="#bfbfbf">[]</FONT>  2 years ago</FONT><BR>
<FONT SIZE="-2"><FONT COLOR="#4c4c4c">[]</FONT>  1 year ago</FONT><BR>
<FONT SIZE="-2"><FONT COLOR="#3d0000">[]</FONT>  6 months ago</FONT><BR>
<FONT SIZE="-2"><FONT COLOR="#3d0000">[]</FONT>  Now</FONT><BR>
</TD>
<TD COLSPAN="7" ALIGN="LEFT" VALIGN="MIDDLE"><IMG SRC="mit_guideposts140.gif" ALT="mit_guideposts140"></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER">
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2">Inflation
Rate (a)</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2">U.S.
Unemployment
Rate (b)</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2">Federal
Funds
Rate (c)</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2">Industrial
Production
(d)</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2">Growth
Rate of
Personal
Income (e)</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER">
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="8">
<I><FONT SIZE="-2">(a)	The year-over-year percentage change in U.S. consumer prices.</FONT></I><BR>
<I><FONT SIZE="-2">(b)	The percentage of adults out of work and looking for a job.</FONT></I><BR>
<I><FONT SIZE="-2">(c)	The interest rate banks charge each other for overnight loans.</FONT></I><BR>
<I><FONT SIZE="-2">(d)	Year-over-year percentage change.</FONT></I><BR>
<I><FONT SIZE="-2">(e)	Growth rate of individual income from all sources.</FONT></I><BR>
<I><FONT SIZE="-2">	Source: Deutsche Investment Management Americas Inc.</FONT></I><BR>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT">Internationally, the outlook is about the same. Economic activity decelerated
in virtually all major economies, almost in unison with the United States, in
the second half of 2000 and in 2001. But as signs of recovery began to emerge
domestically, they did so internationally as well.
</P>
<P ALIGN="LEFT">Everyone interested in the investment implications of a recession and recovery
asks, &quot;Where is the low point?&quot; But investors shouldn't try to look for the
bottom, because no one can ever accurately predict that. The key is to pick the
trends that will tell you in which direction the economy and markets are
going. And now the direction is up. Although diversification does not
eliminate the risk of potential loss, a diversified portfolio is now, as always, a
good idea.
</P>
<P ALIGN="LEFT">Deutsche Investment Management Americas Inc.
</P>
<I><FONT SIZE="-2">The sources, opinions and forecasts expressed are those of the economic advisors of Deutsche
Investment Management Americas Inc. as of May 23, 2002, and may not actually come to pass.</FONT></I><BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="pmr" ID="pmr"></A>Portfolio Management Review</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><FONT SIZE="-1">In the following interview, the Scudder Municipal Income Trust management team
of Lead Portfolio Manager Philip G. Condon and Portfolio Manager Eleanor R.
Brennan discuss the trust's performance and the recent market environment for
municipal bonds. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">How did the bond market and municipal bonds, in
particular, perform over the six-month period ended
May 31, 2002? </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">Municipal bonds showed their strength over the last six
months, as investors sought refuge from stormier weather
among equity and lower-quality bond securities. Tax-free
bonds outperformed equities and high-yield bonds in the
six months ended May 31, 2002. The success of tax-free
issues was due, in part, to investors' flight to quality
during last year's recession, as well as concerns regarding
corporate accounting irregularities and the potential for
war in the Middle East. </FONT>
</P>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Municipal bonds delivered strong results </FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">(Six-month period ended May 31, 2002)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Lehman Brothers Municipal Bond Index </FONT></B><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">	2.56 %</FONT></B>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Lehman Brothers Aggregate Bond Index </FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	2.25</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">S&amp;P 500</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	-5.69</FONT>
</TD>
</TR>


</TABLE>
<BR>
<I><FONT SIZE="-2" COLOR="#000000">	The Lehman Brothers Municipal Bond Index contains approximately 42,000 bonds. To be in the
index, a municipal bond must meet the following criteria: a minimum credit rating of BBB, issued
as part of an issue of at least $50 million, issued within the last five years and a maturity of at least
two years. Bonds subject to alternative minimum tax, variable-rate bonds and zero-coupon bonds
are excluded from the index. </FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000">	The Lehman Brothers Aggregate Bond index is a total return index including fixed-rate debt issues
rated investment grade or better. It contains government, corporate and mortgage securities and is
generally considered representative of the market for investment-grade bonds as a whole.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000">	The S&amp;P 500 Index is an unmanaged index widely regarded as representative of the equity market
in general.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000">	It is not possible to invest directly in an index. </FONT></I><BR>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">How did Scudder Municipal Income Trust perform
during the six-month period ended May 31, 2002, and
how did the trust's positioning affect its performance? </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">Scudder Municipal Income Trust earned solid relative
results during the period. On a market price basis, the
trust rose 1.64 percent during the period. For the
six-month period ended May 31, 2002, the trust gained
3.88 percent on a net asset value basis, versus the
3.71 percent return of its average peer in the Lipper
General Municipal Debt Funds (Leveraged) category. In
contrast, the Lehman Brothers Municipal Bond Index
gained 2.56 percent.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">During the period, the federal funds rate* remained
at historical lows. The federal funds rate was set at
1.75 percent in December 2001, where it remained as of
May 31, 2002. As interest rates remained at historical
lows, the trust benefited from the attractive rates afforded
to it through its outstanding shares, thus optimizing the
return to investors. </FONT>
</P>
<FONT SIZE="-2" COLOR="#000000">*<I>	The federal funds rate is the rate that banks charge each other on overnight loans. The Federal
Reserve Board's Open Market Committee sets a target rate to either make credit more easily
available or tighten monetary policy in an attempt to avoid economic imbalances such as high
inflation.</I></FONT><BR>
<P ALIGN="LEFT"><FONT COLOR="#000000">The trust also benefited from its focus on
intermediate-term securities as the yield curve steepened
during the period. (The yield curve is the graphical
relationship between yield and maturity among bonds of
different maturities and the same credit quality.) As the
yield curve steepened, intermediate-term bonds saw their
yields decline, and therefore they provided strong returns
relative to slightly longer-term issues. Also, the trust's
stake in premium-coupon bonds aided performance.
Premium-coupon issues have a higher coupon, and
therefore may have lower price volatility in down markets
than bonds with lower coupons. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The trust's long-term results remain strong. The trust
ranks 4, 2, 5 and 6 for the one-, three-, five- and 10-year
periods, respectively. For these time periods, there were
50, 48, 45 and 24 funds, respectively, in the Lipper
General Municipal Debt Funds category. (Please see the
performance summary on page 3 for standardized return
figures for each time period.) </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">How did the yield curve react during the period?</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">We generally saw the municipal bond yield curve
become steeper. The shorter-term portion of the yield
curve, in particular, became steeper, while the
intermediate- and long-term portions saw less of a change.
However, on a month-to-month basis, the yield curve has
oscillated, at times steepening and at others times
flattening. Still, on a historical basis, the yield curve
remains steep. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Specifically, as of November 30, 2001, the difference in
yield between a one-year AAA-rated municipal bond and
a 30-year AAA-rated municipal bond was 313 basis points
(or 3.13 percentage points). The difference between
those maturities had increased to 342 basis points (or
3.42 percentage points) as of May 31, 2002. The yields on
individual 10-year AAA-rated municipal bonds declined
slightly in the past six months. A 10-year AAA-rated
municipal bond is now yielding 4.16 percent, four basis
points less than the 4.20 percent it was yielding as of
November 30, 2001. </FONT>
</P>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Municipal bond yield curve</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="mit_g10kf0.gif" ALT="mit_g10kf0"></TD>
</TR>

<TR>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER">
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Source: Municipal Market Data</FONT></I>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">How are you positioning Scudder Municipal Income
Trust for the road ahead?</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">In recent months, we have seen better value in
longer-term intermediate issues as the municipal bond
yield curve has steepened, particularly among
intermediate- to long-term maturities. (Intermediate issues
generally have maturities in the range of eight to 15 years.)
In response, we have begun to extend into municipal
bonds with slightly longer maturities, while keeping the
portfolio's duration neutral. Keeping in mind that bond
prices typically rise as yields fall, should the yield curve
flatten, we would expect longer-term municipal bonds to
perform better on a relative value basis than shorter-term
maturities.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">What's your outlook for the municipal bond market
over the course of the next six months? </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">  </FONT><FONT COLOR="#000000">We remain positive about the prospects for the
municipal bond market. However, certain states have had
their credit ratings downgraded by some bond agencies as
tax receipts decreased following the recent economic
downturn. That drop in tax revenue has left some states
with gaps between their budgeted expenses and revenues.
As a result, we plan to focus on adding to our stake in
essential service bonds, which include debt that funds
water departments, transportation systems and sewer
systems. These types of bonds typically have more stable
revenue streams than a state's general obligation debt. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We believe the best opportunities for value are in
intermediate bonds with slightly longer maturities. We
expect ongoing investor interest in fixed-income securities
as investors continue to examine their asset allocations and
possibly determine that they still have outsized portions of
their portfolios in equities. Such reallocation would bode
well for the bond market. Further, bond investments
relative to the inflation rate remain appealing. The market
is not forecasting a drastic increase in inflation yet, and
therefore, we expect bonds to remain an attractive part of
a well-balanced portfolio. Moreover, we believe tax-free
bonds remain attractive on an after-tax basis versus U.S.
Treasury bonds with similar maturities. </FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2">The views expressed in this report reflect those of the portfolio managers only through the end of the
period of the report as stated on the cover. The managers' views are subject to change at any time,
based on market and other conditions.</FONT></I>
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="portsum" ID="portsum"></A>Portfolio Summary	</FONT><B><FONT SIZE="-1" COLOR="#3d0000">May 31, 2002</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Portfolio Composition</FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">5/31/02</FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/01</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Revenue Bonds</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">71%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">71%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">General Obligation Bonds</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">14%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">15%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">U.S. Government Secured</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">10%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">9%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Lease Obligations</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">5%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">5%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="TOP">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">100%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">100%</FONT><BR>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Quality</FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">5/31/02</FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/01</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">AAA</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">72%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">73%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">AA</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">7%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">8%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">A</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">8%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">8%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">BBB</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">8%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">7%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">BB</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">1%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">1%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">B</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">1%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">-</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Not Rated</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">3%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">3%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="TOP">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">100%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">100%</FONT><BR>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Interest Rate Sensitivity</FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">5/31/02</FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/01</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Average Maturity</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">9.0 years</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">9.0 years</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Duration</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">6.3 years</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">6.8 years</FONT><BR>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Top Five State Allocations at May 31, 2002 <BR>
</FONT></B><FONT SIZE="-2" COLOR="#ffffff">(40.3% of Investment Portfolio)</FONT>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER">
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP" COLSPAN="2">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Texas</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">13.0%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Illinois</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">8.0%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Colorado</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">6.5%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">New York</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">6.4%</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">New Jersey</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">6.4%</FONT><BR>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Portfolio Composition, Quality, Interest Rate Sensitivity and Top Five State Allocations are subject to
change.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">For more complete details about the fund's investment portfolio, see page <A HREF="#portfolio">13</A>. A quarterly Fund
Summary and Portfolio Holdings are available upon request.</FONT></I>
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="portfolio" ID="portfolio"></A>Investment Portfolio	</FONT><B><FONT SIZE="-1" COLOR="#3d0000">as of May 31, 2002 (Unaudited)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">

<BR></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Principal
Amount ($)</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Municipal Investments 154.7%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Alabama 5.1%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Alabama, Port Authority Revenue, Docks Department,
6.3%, 10/1/2021 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,250,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,769,503</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Huntsville, AL, Hospital &amp; Healthcare Revenue, Health
Care Authority, Series A, 5.75%, 6/1/2031 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,470,025</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Huntsville, AL, Water &amp; Sewer Revenue, 5.75%,
10/1/2011 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,560,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">9,274,503</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">23,514,031</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Arizona 1.6%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Arizona, Hospital &amp; Healthcare Revenue, Health
Facilities Authority, Catholic Healthcare West,
Series A, 6.625%, 7/1/2020 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">7,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">7,290,080</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">California 1.1%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Sacramento County, CA, Airport Revenue, AMT, Series
A, 5.9%, 7/1/2024 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,261,400</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Colorado 10.0%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Adams County, CO, Multi Family Housing Revenue,
Oasis Park Apartments Project, Series A, 6.15%,
1/1/2026 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,121,492</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Colorado, Hospital &amp; Healthcare Revenue, Portercare
Adventist Health Project, 6.5%, 11/15/2031 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,042,310</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Colorado, Hospital &amp; Healthcare Revenue, Poudre
Valley Healthcare Facilities: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 12/1/2017 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,145,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,427,056</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2015 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,705,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,249,257</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2016 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,182,820</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Colorado, Single Family Housing Revenue, Series B2,
7.25%, 10/1/2031 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,370,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,526,577</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Colorado, Transportation/Tolls Revenue, Anticipation
Note, 6.0%, 6/15/2011 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">11,344,300</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Denver, CO, Airport Revenue: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 11/15/2014 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,465,550</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, Prerefunded, 6.75%, 11/15/2013 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">325,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">338,566</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 6.75%, 11/15/2013 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,455,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,539,722</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, Prerefunded, 6.75%, 11/15/2022 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">690,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">718,801</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 6.75%, 11/15/2022</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,610,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,700,071</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">46,656,522</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">District of Columbia 9.2%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">District of Columbia, ETM, Prerefunded, 5.5%,
6/1/2014 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">640,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">693,946</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">District of Columbia, Core City GO: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.25%, 6/1/2027 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">12,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">12,395,125</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.5%, 6/1/2011 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">25,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">27,366,000</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">District of Columbia, State GO, Series A, 5.5%, 6/1/2014 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,860,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,984,825</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">42,439,896</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Florida 6.3%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dade County, FL, Airport Revenue, AMT, Series A,
5.75%, 10/1/2026 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">13,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">13,306,670</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dade County, FL, Special Assessment Revenue: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, Zero Coupon, 10/1/2022 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">7,735,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,618,530</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, Zero Coupon, 10/1/2024 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">16,955,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,055,303</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Hillsborough County, FL, Industrial Development
Revenue, University Community Hospital Project,
Series A, 5.625%, 8/15/2023 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">950,070</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Miami-Dade County, FL, Transportation/Tolls Revenue,
Expressway Authority: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2013 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,665,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,877,404</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2014 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,122,460</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Orange County, FL, Hospital &amp; Healthcare Revenue,
Health Facilities Authority, Orlando Regional
Healthcare, 5.75%, 12/1/2032 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">999,290</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Palm Beach County, FL, School District (REV) Lease,
Series A, Prerefunded, 5.75%, 8/1/2017 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,850,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,222,467</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">29,152,194</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Hawaii 8.5%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Hawaii, Airport Revenue, AMT, Series B, 6.5%,
7/1/2013 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,800,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">9,994,600</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Hawaii, Electric Revenue, Department of Budget &amp;
Finance: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 6.15%, 1/1/2020 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,195,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,343,228</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.2%, 5/1/2026 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">13,200,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">14,139,840</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Hawaii, Port Authority Revenue: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2011 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,950,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,274,943</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2012 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,135,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,469,097</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Hawaii, State GO Lease, Series CU, 5.875%,
10/1/2016 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,220,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,647,745</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Hawaii, State GO, Series CT, 5.75%, 9/1/2014 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,310,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,609,769</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">39,479,222</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Idaho 0.4%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Idaho, Single Family Housing Revenue: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C2, 6.9%, 7/1/2025 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,270,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,290,244</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A2, 7.875%, 7/1/2021</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">650,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">650,598</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,940,842</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Illinois 12.4%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Chicago, IL, Airport Revenue, O'Hare International
Airport, 5.5%, 1/1/2014 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,474,200</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Chicago, IL, Airport Revenue, O'Hare International
Airport, American Airlines Project, 8.2%, 12/1/2024 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,775,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,784,741</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Chicago, IL, Core City GO: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.0%, 1/1/2014 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,085,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,389,535</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.125%, 1/1/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,309,260</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.125%, 1/1/2016 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,232,780</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Chicago, IL, Other GO, Neighborhoods Alive 21 Project: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.0%, 1/1/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,146,060</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 1/1/2017 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,101,570</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Chicago, IL, Skyway Toll Bridge Revenue, Prerefunded,
6.75%, 1/1/2014 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,775,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,022,808</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Illinois, Higher Education Revenue, DePaul University,
Educational Facilities Authority: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.625%, 10/1/2013 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,695,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,938,844</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.625%, 10/1/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,710,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,844,868</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Illinois, Higher Education Revenue, MJH Educational
Assistance Authority, Series D, 5.45%, 9/1/2014 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,302,160</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Illinois, Hospital &amp; Healthcare Revenue, Adventist
Health System, 5.5%, 11/15/2020 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,400,875</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Illinois, Hospital &amp; Healthcare Revenue, Childrens
Memorial Hospital, Series A, 5.625%, 8/15/2019 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,139,040</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Illinois, Pollution Control Revenue, Commonwealth
Edison Co. Project, Series D, 6.75%, 3/1/2015 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,220,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,671,287</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Illinois, Sales &amp; Special Tax Revenue, Metropolitan Pier
&amp; Exposition Authority, McCormick Place Expansion
Project, Series A, 5.5%, 6/15/2017 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,510,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,800,417</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Will County, IL, Industrial Development Revenue, Mobil
Oil Refining Corp. Project, 6.0%, 2/1/2027 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,075,900</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">57,634,345</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Indiana 7.0%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Indiana, Hospital &amp; Healthcare Revenue, Charity
Obligation Group, Series D, 5.25%, 11/15/2015 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,200,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,298,852</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Indiana, Hospital &amp; Healthcare Revenue, Health
Facilities Financing Authority, Sisters of St. Francis,
5.5%, 11/1/2031 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">9,863,200</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Indiana, Hospital &amp; Healthcare Revenue, Riverview
Hospital Project: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.5%, 8/1/2019 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,300,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,219,569</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.5%, 8/1/2024 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">910,020</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Indianapolis, IN, Electric Revenue, Series A,
Prerefunded, 5.875%, 6/1/2024 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">14,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">15,256,220</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">32,547,861</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Kansas 0.7%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Overland Park, KS, Industrial Development Revenue,
Development Corp., Series A, 7.375%, 1/1/2032 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,067,260</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Kentucky 1.3%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Kentucky, Hospital &amp; Healthcare Revenue, Economic
Development Finance Authority, Norton Healthcare,
Inc.: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.5%, 10/1/2020 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,061,380</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.625%, 10/1/2028</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,108,680</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,170,060</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Louisiana 2.1%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Louisiana, Electric Revenue, 5.75%, 1/1/2013 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,230,900</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Louisiana, Public Facilities Authority, Lafayette General
Medical Center Project, Prerefunded, 6.5%,
10/1/2022 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">7,350,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">7,616,879</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,847,779</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Maine 3.5%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Maine, Hospital &amp; Healthcare Revenue, Series B,
Prerefunded, 7.0%, 7/1/2024 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,230,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,718,734</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Maine, Hospital &amp; Healthcare Revenue: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 5.7%, 7/1/2013 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,235,000</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 7.0%, 7/1/2024 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">90,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">100,399</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Maine, Transportation/Tolls Revenue, 5.0%,
7/1/2017 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,165,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,265,120</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,319,253</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Maryland 2.2%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Howard County, MD, Multi Family Housing Revenue,
Braeland Commons Project, Series B, 6.2%, 6/15/2023 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,436,900</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Howard County, MD, Multi Family Housing Revenue,
Eden Commons Project, Series A, 6.2%, 6/15/2023 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,250,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,142,730</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Maryland, Hospital &amp; Healthcare Revenue, Health &amp;
Higher Education Facilities Authority, Doctors
Community Hospital, 5.5%, 7/1/2024 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">893,760</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Maryland, Hospital &amp; Healthcare Revenue, Health &amp;
Higher Education Facilities Authority, University of
Maryland Medical System, 6.75%, 7/1/2030 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,701,550</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,174,940</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Massachusetts 3.6%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Massachusetts, Airport Revenue, AMT, Series B, 5.5%,
7/1/2009 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,613,440</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Massachusetts, Airport Revenue, U.S. Airways, Inc.
Project, Series A, 5.875%, 9/1/2023 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,159,650</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Massachusetts, Port Authority Revenue, AMT, Series B,
5.5%, 7/1/2015 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,113,760</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,886,850</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Michigan 2.2%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Chippewa County, MI, Hospital &amp; Healthcare Revenue,
Chippewa County War Memorial, Series B, 5.625%,
11/1/2014 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,427,595</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Michigan, Industrial Development Revenue: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.5%, 6/1/2018 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,425,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,583,886</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.75%, 6/1/2016 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,640,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,998,626</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,010,107</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Minnesota 2.3%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Minneapolis and St. Paul, MN, Airport Revenue, AMT,
Series B, 6.0%, 1/1/2012 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,395,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,850,234</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Minneapolis and St. Paul, MN, Port Authority Revenue,
AMT: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.5%, 1/1/2010 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,035,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,256,585</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.625%, 1/1/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,628,225</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,735,044</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Missouri 1.9%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Missouri, Hospital &amp; Healthcare Revenue, Lake of the
Ozarks General Hospital:</FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">760,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">860,875</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">365,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">374,994</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">St. Louis, MO, County GO, Industrial Development
Authority Revenue, St. Louis Convention Center,
Series A, 7.2%, 12/15/2028 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,023,560</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">St. Louis, MO, County GO Lease, Regional Convention
&amp; Sports Complex Authority, Series C, 7.9%,
8/15/2021 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">155,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">159,348</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">St. Louis, MO, Regional Convention &amp; Sports Complex
Authority, Series C, Prerefunded, 7.9%, 8/15/2021 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,215,610</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,634,387</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Nevada 2.5%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Las Vegas, NV, Core City GO, Water &amp; Sewer Revenue,
5.375%, 4/1/2014 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,705,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,884,910</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Nevada, State GO, Capital Improvement and Cultural
Affairs Project, Series A, 5.5%, 2/1/2014 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,575,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,747,757</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Washoe County, NV, School District GO, 5.75%,
6/1/2014 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,450,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,906,656</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,539,323</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">New Hampshire 0.7%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Nashua, NH, Hospital &amp; Healthcare Revenue, Nashua
Memorial Hospital, 6.0%, 10/1/2023 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,001,950</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">New Jersey 9.8%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New Jersey, Hospital &amp; Healthcare Revenue, General
Hospital Center at Passaic, ETM, 6.75%, 7/1/2019 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,029,300</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New Jersey, Industrial Development Revenue, American
Water Co., Inc. Project, Series A, 6.875%,
11/1/2034 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,775,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">11,884,071</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New Jersey, Industrial Development Revenue, Economic
Development Authority, Harrogate, Inc., Series A,
5.875%, 12/1/2026 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,400,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,279,446</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New Jersey, State Agency GO Lease, Transportation
Trust Fund Authority, Series A, 5.75%, 6/15/2017 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">11,247,600</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New Jersey, Transportation/Tolls Revenue, Economic
Development Authority, Series A, 5.75%, 5/1/2013 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,577,500</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New Jersey, Transportation/Tolls Revenue, Garden State
Parkway Project, 5.6%, 1/1/2017 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,615,280</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">45,633,197</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">New Mexico 0.2%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New Mexico, Single Family Housing Revenue,
Mortgage Finance Authority, Series B, 8.3%, 3/1/2020 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">920,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">956,322</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">New York 9.9%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Nassau County, NY, Hospital &amp; Healthcare Revenue,
6.0%, 8/1/2015 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,390,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,806,495</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New York, Sales &amp; Special Tax Revenue, Transitional
Finance Authority: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,269,080</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.125%, 11/15/2015 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,392,760</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New York, State Agency GO Lease, Higher Education
Revenue, Dormitory Authority, Bronx-Lebanon
Hospital Center, Series E, 5.2%, 2/15/2016 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,770,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,799,630</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New York, State Agency GO Lease, Higher Education
Revenue, Dormitory Authority, City University,
Series A, 5.625%, 7/1/2016 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,657,200</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New York, State Agency GO Lease, Higher Education
Revenue, Dormitory Authority, Jamaica Hospital,
Series F, 5.2%, 2/15/2016 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,016,740</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New York, Transportation/Tolls Revenue: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.625%, 4/1/2013 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,442,750</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.75%, 4/1/2014 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,186,820</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">New York, NY, Core City GO: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, 5.25%, 8/1/2015 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,100,300</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, 5.25%, 8/1/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,380,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,774,336</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 7.5%, 8/1/2003 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">310,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">312,756</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 7.5%, 8/1/2004 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">755,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">761,712</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Niagara Falls, NY, Airport Revenue, Greater Buffalo
International Airport, Series A, 6.25%, 4/1/2024 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,750,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,104,718</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Niagara Falls, NY, School District GO, 5.6%,
6/15/2014 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,180,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,274,046</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">45,899,343</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">North Carolina 1.5%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Catawba, NC, Electric Revenue, Municipal Power
Agency, Series B, 6.375%, 1/1/2013 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,231,900</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Charlotte, NC, Airport Revenue, AMT: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 7/1/2013 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,480,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,664,710</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.875%, 7/1/2014 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,140,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,226,925</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,123,535</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">North Dakota 0.8%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Grand Forks, ND, Hospital &amp; Healthcare Revenue, Altru
Health Care System, 7.125%, 8/15/2024 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,400,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,621,102</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Ohio 2.9%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Cuyahoga County, OH, Hospital Revenue, Meridia
Health Systems, Prerefunded, 6.25%, 8/15/2024 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,350,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,643,515</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Green Springs, OH, Senior Care Revenue, St. Francis
Health Care Center Project, Series A, 7.125%,
5/15/2025 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,842,060</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Lorain County, OH, Hospital &amp; Healthcare Revenue,
Catholic Health Care Partners, Series A, 5.25%,
10/1/2033 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,383,625</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ohio, Higher Education Revenue, University of Findlay
Project: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.125%, 9/1/2016 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,058,420</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.15%, 9/1/2011</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,635,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,705,943</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,633,563</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Oklahoma 0.8%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Oklahoma, Sales &amp; Special Tax Revenue, Turnpike
Authority, 7.875%, 1/1/2021 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">355,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">358,639</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Tulsa, OK, Airport Revenue, Prerefunded, 7.7%,
6/1/2013 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,315,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,315,000</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,673,639</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Oregon 3.4%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Oregon, Other (REV) Lease, Department of
Administrative Services: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 5/1/2010 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,245,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,413,914</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.6%, 5/1/2011 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,120,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,278,067</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Oregon, State GO Lease, Department of Administrative
Services, Series A, Prerefunded, 6.25%, 5/1/2017 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,162,730</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Oregon, State (REV) Lease, Department of
Administrative Services, Series A, Prerefunded,
6.25%, 5/1/2018 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,162,730</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Portland, OR, Special Assessment Revenue, Downtown
Waterfront: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.625%, 6/15/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,100,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,368,894</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2018 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,225,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,411,500</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2019 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,820,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,042,554</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,840,389</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Pennsylvania 0.6%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Pennsylvania, Hospital &amp; Healthcare Revenue,
Economic Development Financing Authority, UPMC
Health System, Series A, 6.0%, 1/15/2031 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,570,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,574,446</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">South Carolina 0.8%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Greenwood County, SC, Hospital &amp; Healthcare
Revenue, South Carolina Memorial Hospital, 5.5%,
10/1/2031 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,429,680</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">South Carolina, Hospital &amp; Healthcare Revenue, Jobs
Economic Development Authority, Palmetto Health
Alliance, Series A, 7.375%, 12/15/2021 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,168,640</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,598,320</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Tennessee 2.7%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Memphis-Shelby County, TN, Airport Revenue, AMT,
Series D, 6.25%, 3/1/2017 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,690,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,127,577</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Shelby County, TN, Hospital &amp; Healthcare Revenue,
Health Education &amp; Housing Facilities Board,
Methodist Healthcare, 6.5%, 9/1/2026 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">7,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">7,170,030</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12,297,607</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Texas 20.0%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Austin, TX, Sales &amp; Special Tax Revenue, Hotel
Occupancy Tax: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2013 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,190,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,523,068</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,480,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,817,838</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2016 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,625,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,967,273</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dallas, TX, Transportation/Tolls Revenue, Turnpike
Authority, 5.5%, 1/1/2015 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">14,605,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">15,423,464</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dallas-Fort Worth, TX, Airport Revenue, International
Airport, AMT, Series A, 5.875%, 11/1/2016 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,934,265</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">EL Paso, TX, State GO: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2012 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,073,410</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2013 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,570,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,679,209</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2014 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,665,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,774,440</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Harris County, TX, Hospital &amp; Healthcare Revenue,
Health Facilities Development Corp., Memorial
Hermann Healthcare, Series A, 6.375%, 6/1/2029 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,739,580</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Houston, TX, Airport Revenue, People Mover Project,
Series A, 5.5%, 7/15/2017 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,300,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,351,942</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Houston, TX, Port Authority Revenue, Airport Revenue,
AMT, Series A, 5.875%, 7/1/2014 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,960,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,251,575</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Lower Neches Valley, TX, Industrial Development
Revenue, Mobil Oil Refining Corp. Project, 6.4%,
3/1/2030 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">17,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">17,776,560</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Red River, TX, School District (REV) Lease, St. Marks
School Project, 6.0%, 8/15/2019 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,390,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,721,862</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Richardson, TX, Hospital &amp; Healthcare Revenue,
Hospital Authority, 5.625%, 12/1/2028 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,787,850</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Tarrant County, TX, Hospital &amp; Healthcare Revenue,
Health Facilities Development Corp., 6.7%,
11/15/2030 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,727,835</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Texas, Pollution Control Revenue, Brazos River
Authority, Texas Utilities Electric Co. Project, AMT,
Series C, 5.75%, 5/1/2036 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,029,700</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Texas, State GO, College Student Loans, 5.0%, 8/1/2021 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,015,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,762,898</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">93,342,769</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Utah 0.1%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Utah, Single Family Housing Revenue, Housing Finance
Agency, Series B2, 6.65%, 7/1/2026 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">230,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">235,612</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Virginia 2.9%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Washington D.C., Airport Revenue, Series A, 5.75%,
10/1/2020 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">13,100,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">13,393,047</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Washington 8.8%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Seattle, WA, Airport Revenue, AMT, Series B, 6.0%,
2/1/2013 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">7,355,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">8,237,894</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Seattle, WA, Special Assessment Revenue, AMT: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.5%, 9/1/2011 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,085,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,163,901</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 9/1/2013 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,045,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,125,967</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Skagit County, WA, School District GO, School District
No. 1, Burlington Edison, 5.625%, 12/1/2014 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,570,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,700,137</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Snohomish County, WA, Electric Revenue, Public Utility
District No. 1, 5.375%, 12/1/2024 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,026,640</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Washington, Electric Revenue, Energy Northwest
Columbia Generating, Series B, 6.0%, 7/1/2018 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3,308,940</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Washington, Electric Revenue, Nuclear Project No. 1: </FONT>
<BR><P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.6%, 7/1/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,995,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,086,630</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 5.6%, 7/1/2015 (b)</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,301</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Washington, Electric Revenue, Nuclear Project No. 2,
Series A, 5.0%, 7/1/2012 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,200,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10,531,500</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Washington, Electric Revenue, Nuclear Project No. 3,
Series B, 5.6%, 7/1/2015 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,045,930</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Washington, Hospital &amp; Healthcare Revenue, Group
Health Coop of Puget Sound, 5.375%, 12/1/2017 (b)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,500,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1,547,370</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Washington, State GO: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 7/1/2013 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,136,960</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 7/1/2016</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">4,835,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,084,873</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">41,002,043</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">West Virginia 3.7%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital &amp; Healthcare Revenue, Hospital
Finance Authority, Charleston Area Medical Center: </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">12,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">12,939,360</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,139,480</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital &amp; Healthcare Revenue, Oak Hill
Hospital, Series B, 6.75%, 9/1/2030 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">2,139,480</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17,218,320</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<B><FONT SIZE="-1" COLOR="#000000">Wisconsin 1.2%</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Wisconsin, Hospital &amp; Healthcare Revenue, Health and
Educational Facilities Authority, Aurora Health Care,
Inc., Series A, 5.6%, 2/15/2029 </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">6,000,000</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5,492,340</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"><B>Total Investment Portfolio - 154.7%</B> (Cost $670,477,475) (a)</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">717,838,940</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000">Other assets and liabilities - 2.4%</FONT><BR>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">11,143,652</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares, at redemption value - (57.1)%</FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">(265,000,000)</FONT><BR>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<FONT SIZE="-2" COLOR="#000000"><B>Net assets applicable to common shareholders - 100.0%</B> </FONT>
<BR></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">463,982,592</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<BR>
<I><FONT SIZE="-2" COLOR="#000000">(a)	The cost for federal income tax purposes was $670,311,323. At May 31, 2002, net unrealized
appreciation for all securities based on tax cost was $47,527,617. This consisted of aggregate
gross unrealized appreciation for all securities in which there was an excess of value over tax cost
of $49,600,341 and aggregate gross unrealized depreciation for all securities in which there was
an excess of tax cost over value of $2,072,724.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000">(b)	Bond is insured by one of these companies: AMBAC, Capital Guaranty, FGIC, FSA or MBIA.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000">AMT: Subject to alternative minimum tax</FONT></I><BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">ETM: Bonds bearing the description ETM (escrowed to maturity) are collateralized by U.S. Treasury
securities which are held in escrow by a trustee and used to pay principal and interest on bonds so
designated.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Prerefunded: Bonds which are prerefunded are collateralized by U.S. Treasury securities which are held
in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full
at the earliest refunding date.</FONT></I>
</P>
<BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="fins" ID="fins"></A>Financial Statements</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Assets and Liabilities </FONT></B><FONT SIZE="-2" COLOR="#ffffff">as of May 31, 2002 (Unaudited) </FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<B><FONT SIZE="-1" COLOR="#000000">Assets</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Investments in securities, at value (cost $670,477,475)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">$	717,838,940</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Cash</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	603,598</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Interest receivable</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	12,515,883</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Total assets</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	730,958,421</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<B><FONT SIZE="-1" COLOR="#000000">Liabilities</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Payable for investments purchased</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	973,370</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dividends payable</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	209,646</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Accrued management fee</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	323,579</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Other accrued expenses and payables</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	469,234</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Total liabilities</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1,975,829</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares, at redemption value</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">	265,000,000</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Net assets</FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	463,982,592</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<B><FONT SIZE="-1" COLOR="#000000">Net Assets</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders consist of:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Undistributed net investment income</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	773,811</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	47,361,465</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Accumulated net realized gain (loss)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(15,564,275)</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Paid-in capital</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	431,411,591</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	463,982,592</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<B><FONT SIZE="-1" COLOR="#000000">Net Asset Value</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000"><B>Net Asset Value</B> per common share
($463,982,592 / 38,832,628 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.95</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Operations </FONT></B><FONT SIZE="-2" COLOR="#ffffff">for the six months ended May 31, 2002 (Unaudited) </FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<B><FONT SIZE="-1" COLOR="#000000">Investment Income</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Income:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Interest</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">$	20,093,765</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Expenses:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Management fee</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1,984,174</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Services to shareholders</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	39,089</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Custodian fees</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	9,933</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Auditing</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	35,432</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Legal</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	19,634</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Trustees' fees and expenses</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	18,386</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Reports to shareholders</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	84,465</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Remarketing fee</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	267,772</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Other</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	97,084</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Total expenses, before expense reductions</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	2,555,969</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Expense reductions</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(939)</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Total expenses, after expense reductions</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	2,555,030</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Net investment income </FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">	17,538,735</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<B><FONT SIZE="-1" COLOR="#000000">Realized and Unrealized Gain (Loss) on Investment Transactions</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) from investments</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	934,261</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the period on
investments</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	341,451</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Net gain (loss) on investment transactions</FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">	1,275,712</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">	(1,981,253)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from operations</FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	16,833,194</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Changes in Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-1" COLOR="#000000">Increase (Decrease) in Net Assets</FONT></B>
<BR></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Six Months
Ended May 31,
2002
(Unaudited)</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Year Ended
November 30,
2001 (a)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Operations:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Net investment income </FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">$	17,538,735</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">$	35,495,683</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) on investment transactions</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	934,261</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	732,792</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on
investment transactions during the period</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	341,451</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	22,417,171</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(1,981,253)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(8,435,737)</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from
operations</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	16,833,194</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	50,209,909</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Distributions to common shareholders from:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Net investment income:</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(13,979,746)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(27,959,493)</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Increase (decrease) in net assets</FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	2,853,448</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	22,250,416</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net assets at beginning of period</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	461,129,144</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	438,878,728</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net assets at end of period (including undistributed
net investment income and accumulated distributions
in excess of net investment income of $773,811 and
$803,925, respectively)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	463,982,592</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	461,129,144</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-1" COLOR="#000000">Other Information</FONT></B>
<BR></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER">
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER">
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Shares outstanding at beginning of period</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	38,832,628</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	38,832,628</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Shares outstanding at end of period</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	38,832,628</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	38,832,628</FONT>
</TD>
</TR>


</TABLE>
<BR>
<I><FONT SIZE="-2" COLOR="#000000">(a)	Restated. See Note F.</FONT></I><BR>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="high" ID="high"></A>Financial Highlights</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="MIDDLE">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Years Ended November 30,</FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002<SUP>a,e</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2001<SUP>f</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2000<SUP>f</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">1999<SUP>f</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">1998<SUP>f</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">1997<SUP>f</SUP></FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<B><FONT SIZE="-1" COLOR="#000000">Selected Per Share Data</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Net asset value, beginning of
period</FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.87</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.30</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.03</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	12.41</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	12.33</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	12.31</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<I><FONT SIZE="-2" COLOR="#000000">Income (loss) from investment
operations:</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000">Net investment income </FONT>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.45<SUP>b</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.91<SUP>b</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.93<SUP>b</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.92<SUP>b</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.99</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.04</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net realized and unrealized gain
(loss) on investment transactions</FONT>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.04</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.59</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.42</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(1.28)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.16</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.05</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dividends to preferred
shareholders (common share
equivalent)</FONT>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.05)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.21)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.28)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.18)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.20)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.20)</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total from investment
operations</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.44</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.29</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.07</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.54)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.95</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	.89</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<I><FONT SIZE="-2" COLOR="#000000">Less distributions from:</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000">Net investment income to
common shareholders</FONT>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.36)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.72)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.80)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.83)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.87)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.87)</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dilution resulting from
remarketed preferred shares<SUP>c</SUP></FONT>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	-</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	-</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	-</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(.01)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	-</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	-</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Net asset value, end of period</FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.95</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.87</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.30</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.03</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	12.41</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	12.33</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<B><FONT SIZE="-2" COLOR="#000000">Market value, end of period</FONT></B>
<BR></TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.19</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	11.37</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	10.25</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	10.31</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	14.63</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$	14.13</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<B><FONT SIZE="-1" COLOR="#000000">Total Return </FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Based on net asset value (%)<SUP>d</SUP></FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	3.88<SUP>**</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	11.93</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	10.40</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	(4.69)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	7.96</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	7.57</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Based on market value (%)<SUP>d</SUP></FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.64<SUP>**</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	18.10</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	7.11</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000"><SUP>	</SUP>(24.40)</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	10.60</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	15.16</FONT>
</TD>
</TR>


</TABLE>
<BR>
<BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD BGCOLOR="#000000" ALIGN="LEFT" VALIGN="MIDDLE">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Years Ended November 30,
</FONT></B><FONT SIZE="-2" COLOR="#ffffff">(continued)</FONT>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002<SUP>a,e</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2001<SUP>f</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2000<SUP>f</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">1999<SUP>f</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">1998<SUP>f</SUP></FONT></B>
</P>
</TD>
<TD BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">1997<SUP>f</SUP></FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<B><FONT SIZE="-1" COLOR="#000000">Ratios to Average Net Assets and Supplemental Data</FONT></B>
<BR></TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net assets, end of period ($ millions)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	464</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	461</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	439</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	428</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	478</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	471</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of expenses before expense
reductions (%)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.12<SUP>*</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.09</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.24</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.13</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.02</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.02</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of expenses after expense
reductions (%)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.12<SUP>*</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.09</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.24</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.12</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.02</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	1.02</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of net investment income
(loss) (%)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	7.67<SUP>*</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	7.72</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	8.48</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	7.76</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	8.04</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	8.66</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Portfolio turnover rate (%)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	8<SUP>*</SUP></FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	10</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	38</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	38</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	17</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	7</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares
information at end of period:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Aggregate amount outstanding
($ millions)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	265</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	265</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	265</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	265</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	215</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	215</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Asset coverage per share ($)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	13,750</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	13,700</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	13,300</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	13,100</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	16,100</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	16,000</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Liquidation and market value per
share ($)</FONT><BR>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	5,000</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	5,000</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	5,000</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	5,000</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	5,000</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">	5,000</FONT>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<I><FONT SIZE="-2" COLOR="#000000"><SUP>a</SUP>	For the six months ended May 31, 2002 (Unaudited).</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000"><SUP>b</SUP>	Based on average shares outstanding during the period.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000"><SUP>c</SUP>	On November 24, 1999, the Fund issued 10,000 remarketed preferred shares.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000"><SUP>d	</SUP>Total return based on net asset value reflects changes in the Fund's net asset value during the
period. Total return based on market value reflects changes in market value. Each figure includes
reinvestment of dividends. These figures will differ depending upon the level of any discount from
or premium to net asset value at which the Fund's shares trade during the period.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000"><SUP>e</SUP>	As required, effective December 1, 2001, the Fund has adopted the provisions of the AICPA Audit
and Accounting Guide for Investment Companies and began amortizing premium on debt
securities. The effect of this change for the six months ended May 31, 2002 was to increase net
investment income by an amount less than $.005, decrease net realized and unrealized gain (loss)
per share by an amount less than $.005. Per share data and ratios for periods prior to
December 1, 2001 have not been restated to reflect this change in presentation.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000"><SUP>f</SUP>	As discussed in Note F to the financial statements, in 2001 the Fund changed its method of
classifying preferred stocks.</FONT></I><BR>
<I><FONT SIZE="-2" COLOR="#000000"><SUP>*	</SUP>Annualized	<SUP>**</SUP>	Not annualized</FONT></I><BR>
</TD>
</TR>


</TABLE>
<BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="notes" ID="notes"></A>Notes to Financial Statements	</FONT><B><FONT SIZE="-1" COLOR="#3d0000">(Unaudited)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">A. Significant Accounting Policies</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Scudder Municipal Income Trust (the ``Fund'') is registered under the Investment
Company Act of 1940, as amended (the ``1940 Act''), as a closed-end, diversified
management investment company organized as a Massachusetts business trust.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require the use of
management estimates. Actual results could differ from those estimates. The policies
described below are followed consistently by the Fund in the preparation of its
financial statements.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Security Valuation.</FONT></B> Investments are stated at value determined as of the close of
regular trading on the New York Stock Exchange on each day the exchange is open
for trading. Debt securities are valued by independent pricing services approved by
the Trustees of the Fund, whose valuations are intended to reflect the mean between
the bid and asked prices. If the pricing services are unable to provide valuations,
securities are valued at the average of the means based on the most recent bid and
asked quotations or evaluated prices obtained from two broker dealers. Such services
may use various pricing techniques which take into account appropriate factors such
as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other
data, as well as broker quotes.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Money market instruments purchased with an original or remaining maturity of sixty
days or less, maturing at par, are valued at amortized cost.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Securities and other assets for which market quotations are not readily available or for
which the above valuation procedures are deemed not to reflect fair value are valued
in a manner that is intended to reflect their fair value as determined in accordance
with procedures approved by the Trustees.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Federal Income Taxes.</FONT></B> The Fund's policy is to comply with the requirements of the
Internal Revenue Code, as amended, which are applicable to regulated investment
companies, and to distribute all of its taxable and tax-exempt income to its
shareholders. Accordingly, the Fund paid no federal income taxes and no federal
income tax provision was required. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">At November 30, 2001, the Fund had a net tax basis capital loss carryforward of
approximately $16,233,000 which may be applied against any realized net taxable
capital gains of each succeeding year until fully utilized or until November 30, 2003
($7,135,000), November 30, 2007 ($5,496,000) and November 30, 2008
($3,602,000), the respective expiration dates, whichever occurs first.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Distribution of Income and Gains.</FONT></B> Distributions of net investment income to
common shareholders, if any, are made monthly. Net realized gains from investment
transactions, in excess of available capital loss carryforwards, would be taxable to the
Fund if not distributed, and, therefore, will be distributed to shareholders at least
annually.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The timing and characterization of certain income and capital gains distributions are
determined annually in accordance with federal tax regulations which may differ
from accounting principles generally accepted in the United States of America. As a
result, net investment income (loss) and net realized gain (loss) on investment
transactions for a reporting period may differ significantly from distributions during
such period. Accordingly, the Fund may periodically make reclassifications among
certain of its capital accounts without impacting the net asset value of the Fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Remarketed Preferred Shares.</FONT></B> The Fund has issued and outstanding 10,800
Series A, 10,700 Series B, 10,800 Series C, 10,700 Series D and 10,000 Series E
remarketed preferred shares, each at a liquidation value of $5,000 per share. The
preferred shares are senior to and have certain class specific preferences over the
common shares. The dividend rate on each series is set by the remarketing agent, and
the dividends are generally paid every 28 days. The 1940 Act requires that the
preferred shareholders of the Fund, voting as a separate class, have the right to:
a) elect at least two trustees at all times, and b) elect a majority of the trustees at any
time when dividends on the preferred shares are unpaid for two full years. Unless
otherwise required by law or under the terms of the preferred shares designation
statement, each preferred share is entitled to one vote and preferred shareholders will
vote together with common shareholders as a single class and have the same voting
rights.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other. </FONT></B>Investment transactions are accounted for on the trade date. Interest income
is recorded on the accrual basis. Realized gains and losses from investment
transactions are recorded on an identified cost basis. All premiums and discounts are
amortized/accreted for financial reporting purposes.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">B. Purchases and Sales of Securities</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">During the six months ended May 31, 2002, purchases and sales of investment
securities (excluding short-term investments) aggregated $27,324,600 and
$27,246,880, respectively.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">C. Related Parties</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On April 5, 2002, 100% of Zurich Scudder Investments, Inc. (&quot;ZSI&quot;) was acquired
by Deutsche Bank AG with the exception of Threadneedle Investments in the U.K.
Upon the closing of this transaction, ZSI became part of Deutsche Asset
Management and changed its name to Deutsche Investment Management Americas
Inc. (&quot;DeIM&quot; or the &quot;Advisor&quot;). Effective April 5, 2002, the investment management
agreements with ZSI were terminated and DeIM became the investment advisor for
the Fund. The Investment Management Agreement (the &quot;Management Agreement&quot;)
is the same in all material respects as the corresponding previous Management
Agreement.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Management Agreement.</FONT></B> Under the Management Agreement, the Advisor directs
the investments of the Fund in accordance with its investment objectives, policies
and restrictions. The Advisor determines the securities, instruments and other
contracts relating to investments to be purchased, sold or entered into by the Fund.
In addition to portfolio management services, the Advisor provides certain
administrative services in accordance with the Management Agreement. The Fund
pays a monthly investment management fee of 1/12 of the annual rate of 0.55% of
the Fund's average weekly net assets, computed and accrued daily and payable
monthly.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Service Provider Fees.</FONT></B> Scudder Investments Service Company (&quot;SISC&quot;), an affiliate
of the Advisor, is the transfer, dividend-paying and shareholder service agent for the
Fund. The amount charged to the Fund by SISC aggregated $20,321, of which
$6,786 is unpaid at May 31, 2002.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Trustees' Fees and Expenses.</FONT></B> The Fund pays each Trustee not affiliated with the
Advisor retainer fees plus specified amounts for attended board and committee
meetings.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">D. Expense Off-Set Arrangements</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund has entered into arrangements with its custodian and transfer agent
whereby credits realized as a result of uninvested cash balances were used to reduce a
portion of the Fund's expenses. During the six months ended May 31, 2002, the
Fund's custodian and transfer agent fees were reduced by $939 and none, respectively,
under these arrangements.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">E. Line of Credit </FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund and several other affiliated funds (the ``Participants'') share in a $1.3 billion
revolving credit facility administered by J.P. Morgan Chase Bank for temporary or
emergency purposes. The Participants are charged an annual commitment fee which
is allocated, pro rata based upon net assets, among each of the Participants. Interest is
calculated at the Federal Funds Rate plus 0.5 percent. The Fund may borrow up to a
maximum of 33 percent of its net assets under the agreement.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">F. Change in Accounting Principle</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">As required, effective December 1, 2001, the Fund has adopted the provisions of the
AICPA Audit and Accounting Guide for Investment Companies and began accreting
market discount on debt securities. Prior to December 1, 2001, the Fund did not
accrete market discount on debt securities. The cumulative effect of this accounting
change had no impact on total net assets of the Fund, but resulted in a $151,269
increase in cost of securities and a corresponding $151,269 decrease in net unrealized
appreciation, based on securities held by the Fund on December 1, 2001.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The effect of this change for the six months ended May 31, 2002 was to increase net
investment income by $15,408, decrease unrealized appreciation by $14,883 and
decrease net realized gains by $525. The statement of changes in net assets and
financial highlights for prior periods have not been restated to reflect this change in
presentation.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Effective December 1, 2001, the Fund adopted the classification requirement of
EITF D-98, Classification and Measurement of Redeemable Securities. EITF D-98
requires that preferred stock for which its redemption is outside of the Fund's control
should be presented outside of net assets in the statement of assets and liabilities. In
adopting EITF D-98, the Fund's net assets as of November 30, 2001 in the
statement of changes in net assets is restated by excluding preferred stock valued at
$265,000,000 at that date. The adoption also resulted in dividends on preferred
stock being reclassified from distributions on the statement of changes in net assets to
a separate line item within the statement of operations. This resulted in a decrease of
$1,981,253 and $8,435,737 in the net increase (decrease) in net assets from
operations for the period ended May 31, 2002 and November 30, 2001, respectively.
As part of the adoption, per share distributions of dividends on preferred stock, if
any, was reclassified from distributions to amounts from investments operations for
each period presented in the financial highlights.</FONT>
</P>
<P ALIGN="LEFT">
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="drip" ID="drip"></A>Dividend Reinvestment Plan</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">A. Participation </FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We invite you to review the description of the Dividend Reinvestment Plan (the
``Plan'') which is available to you as a shareholder of Scudder Municipal Income
Trust, formerly Kemper Municipal Income Trust (the ``Fund''). If you wish to
participate and your shares are held in your own name, simply contact Scudder
Investments Service Company, whose address and phone number are provided in
Paragraph D for the appropriate form. If your shares are held in the name of a
brokerage firm, bank or other nominee, you must instruct that nominee to re-register
your shares in your name so that you may participate in the Plan, unless your
nominee has made the Plan available on shares held by them. Shareholders who so
elect will be deemed to have appointed United Missouri Bank, N.A. (``UMB'') as
their agent and as agent for the Fund under the Plan.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">B. Dividend Investment Account</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund's transfer agent and dividend disbursing agent or its delegate (``Agent'') will
establish a Dividend Investment Account (the ``Account'') for each shareholder
participating in the Plan. Agent will credit to the Account of each participant funds it
receives from the following sources: (a) cash dividends and capital gains distributions
paid on shares of beneficial interest (the ``Shares'') of the Fund registered in the
participant's name on the books of the Fund; (b) cash dividends and capital gains
distributions paid on Shares registered in the name of Agent but credited to the
participant's Account. Sources described in clauses (a) and (b) of the preceding
sentence are hereinafter called ``Distribution.''</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">C. Investment of Distribution Funds held in each account</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">If on the record date for a Distribution (the ``Record Date''), Shares are trading at a
discount from net asset value per Share (according to the evaluation most recently
made on Shares of the Fund), funds credited to a participant's Account will be used
to purchase Shares (the ``Purchase''). UMB will attempt, commencing five days prior
to the Payment Date and ending at the close of business on the Payment Date
(``Payment Date'' as used herein shall mean the last business day of the month in
which such Record Date occurs), to acquire Shares in the open market. If and to the
extent that UMB is unable to acquire sufficient Shares to satisfy the Distribution by
the close of business on the Payment Date, the Fund will Issue to UMB Shares
valued at net asset value per Share (according to the evaluation most recently made
on Shares of the Fund) in the aggregate amount of the remaining value of the
Distribution. If, on the Record Date, Shares are trading at a premium over net asset
value per Share, the Fund will issue on the Payment Date, Shares valued at net asset
value per Share on the Record Date to Agent in the aggregate amount of the funds
credited to the participants' accounts.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">D. Additional Information</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Address all notices, correspondence, questions, or other communication regarding
the Plan to:</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Scudder Investments Service Company</FONT></B><FONT COLOR="#000000"><BR>
P.O. Box 219151<BR>
Kansas City, Missouri 64121-6066<BR>
1-800-294-4366</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">E. Adjustment of Purchase Price</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund will increase the price at which Shares may be issued under the Plan to
95% of the fair market value of the shares on the Record Date if the net asset value
per Share of the Shares on the Record Date is less than 95% of the fair market value
of the Shares on the Record Date.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">F. Determination of Purchase Price</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The cost of Shares and fractional Shares acquired for each participant's Account in
connection with a Purchase shall be determined by the average cost per Share,
including brokerage commissions as described in Paragraph G hereof, of the Shares
acquired by UMB in connection with that Purchase. Shareholders will receive a
confirmation showing the average cost and number of Shares acquired as soon as
practicable after Agent has received or UMB has purchased Shares. Agent may mingle
the cash in a participant's account with similar funds of other participants of the
Fund for whom UMB acts as agent under the Plan.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">G. Brokerage Charges</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">There will be no brokerage charges with respect to Shares issued directly by the Fund
as a result of Distributions. However, each participant will pay a pro rata share of
brokerage commissions incurred with respect to UMB's open market purchases in
connection with the reinvestment of Distributions. Brokerage charges for purchasing
small amounts of Shares for individual Accounts through the Plan can be expected to
be less than the usual brokerage charges for such transactions, as UMB will be
purchasing Shares for all participants in blocks and prorating the lower commission
thus attainable.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">H. Service Charges</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">There is no service charge by Agent or UMB to shareholders who participate in the
Plan other than service charges specified in Paragraph L hereof. However, the Fund
reserves the right to amend the Plan in the future to include a service charge.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">I. Transfer of Shares held by Agent</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Agent will maintain the participant's Account, hold the additional Shares acquired
through the Plan in safekeeping and furnish the participant with written
confirmation of all transactions in the Account. Shares in the Account are
transferable upon proper written instructions to Agent. Upon request to Agent, a
certificate for any or all full Shares in a participant's Account will be sent to the
participant.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">J. Shares not held in shareholder's name</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Beneficial owners of Shares which are held in the name of a broker or nominee will
not be automatically included in the Plan and will receive all distributions in cash.
Such shareholders should contact the broker or nominee in whose name their Shares
are held to determine whether and how they may participate in the Plan.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">K. Amendments</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Experience under the Plan may indicate that changes are desirable. Accordingly, the
Fund reserves the right to amend or terminate the Plan, including provisions with
respect to any Distribution paid subsequent to notice thereof sent to participants in
the Plan at least ninety days before the record date for such Distribution.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">L. Withdrawal from Plan</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Shareholders may withdraw from the Plan at any time by giving Agent a written
notice. If the proceeds are $25,000 or less and the proceeds are to be payable to the
shareholder of record and mailed to the address of record, a signature guarantee
normally will not be required for notices by individual account owners (including
joint account owners), otherwise a signature guarantee will be required. In addition,
if the certificate is to be sent to anyone other than the registered owner(s) at the
address of record, a signature guarantee will be required on the notice. A notice of
withdrawal will be effective for the next Distribution following receipt of the notice
by the Agent provided the notice is received by the Agent at least ten days prior to
the Record Date for the Distribution. When a participant withdraws from the Plan,
or when the Plan is terminated in accordance with Paragraph K hereof, the
participant will receive a certificate for full Shares in the Account, plus a check for
any fractional Shares based on market price; or if a Participant so desires, Agent will
notify UMB to sell his Shares in the Plan and send the proceeds to the participant,
less brokerage commissions and a $2.50 service fee.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">M. Tax Implications</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Shareholders will receive tax information annually for personal records and to assist
in preparation of their Federal income tax return. If shares are purchased at a
discount, the amount of the discount is considered taxable income and is added to
the cost basis of the purchased shares.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">N. Amendment of the Plan</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Effective June 1, 2002 the Plan for the fund has been amended to provide that
United Missouri Bank (&quot;UMB&quot;) will act as the Plan Agent for each stockholder of
the fund who participates in the Voluntary Cash Purchase Program and Dividend
Reinvestment Plan. If you are a plan participant, a copy of the amended plan is
enclosed. Scudder Investments Service Company, the fund's Transfer Agent, will
continue to provide record keeping services for participants in the Plan. If you would
like a copy of the Plan, please call the Transfer Agent at 800-294-4366.</FONT>
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="u2TJx128BEma" ID="u2TJx128BEma"></A>Shareholder Meeting Results	</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><FONT COLOR="#000000">A Special Meeting of Shareholders of Scudder Municipal Income Trust (the
&quot;fund&quot;) was held on March 28, 2002, at the office of Deutsche Investment
Management Americas Inc. (formerly Zurich Scudder Investments, Inc.),
Two International Place, Boston, Massachusetts. At the meeting, the following
matters were voted upon by the shareholders:</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">1.	To elect twelve Trustees to the Board of Trustees of the fund, with ten
Trustees to be elected by the holders of the Preferred and Common Shares
voting together and two Trustees to be elected by the holders of the
Preferred Shares only.</FONT>
</P>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">

<BR></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number of Votes:</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">

<BR></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">For</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Withheld</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">John W. Ballantine</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,693,721</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">747,300</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Lewis A. Burnham</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,667,080</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">773,941</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Mark S. Casady</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,691,876</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">749,145</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Linda C. Coughlin</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,681,393</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">759,628</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Donald L. Dunaway</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,682,337</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">758,684</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">James R. Edgar</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,682,041</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">758,980</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Robert B. Hoffman</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,666,761</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">774,260</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Shirley D. Peterson</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,672,692</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">768,329</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Fred B. Renwick</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,658,065</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">782,956</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">William P. Sommers</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,654,168</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">786,853</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">William F. Glavin</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">38,981</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">119</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">John G. Weithers</FONT><BR>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">38,981</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">119</FONT>
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><FONT COLOR="#000000">2.	To approve a new investment management agreement for the fund with
Deutsche Investment Management Americas Inc.</FONT>
</P>
<TABLE BORDER="1">
<TR>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Affirmative</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Against</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Abstain</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">29,950,184</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">911,061</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">604,929</FONT>
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><FONT COLOR="#000000">3.	To ratify the selection of Ernst &amp; Young LLP as the independent auditors
for the fund for the current fiscal year.</FONT>
</P>
<TABLE BORDER="1">
<TR>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Affirmative</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Against</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Abstain</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,761,111</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">405,203</FONT>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">299,860</FONT>
</P>
</TD>
</TR>


</TABLE>
<BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="amr" ID="amr"></A>Account Management Resources</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Legal Counsel</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Vedder, Price, Kaufman &amp; Kammholz</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">222 North LaSalle Street<BR>
Chicago, IL 60601</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Shareholder
Service Agent and
Transfer Agent</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Scudder Investments Service Company</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">P.O. Box 219151<BR>
Kansas City, MO 64121</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Custodian</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<H2 ALIGN="LEFT"><FONT COLOR="#000000">State Street Bank and Trust Company</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">225 Franklin Street<BR>
Boston, MA 02110</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Independent
Auditors</FONT></B>
</P>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Ernst &amp; Young LLP</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">200 Clarendon Street<BR>
Boston, MA 02116</FONT>
</P>
</TD>
</TR>


</TABLE>
<BR>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="priv" ID="priv"></A>Privacy Statement</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT"><FONT COLOR="#000000">This privacy statement is issued by Deutsche Investment Management Americas Inc.,
its affiliates Scudder Distributors, Inc., Scudder Financial Services, Inc., Scudder
Investor Services, Inc., Scudder Trust Company, and each of the funds managed or
advised by Scudder. We consider privacy fundamental to our client relationships and
adhere to the policies and practices described below to protect current and former
clients' information. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">We never sell customer lists or individual client information.</FONT></B> Internal policies
are in place to protect confidentiality, while allowing client needs to be served. Only
individuals who need to do so in carrying out their job responsibilities may access
client information. We maintain physical, electronic and procedural safeguards that
comply with federal standards to protect confidentiality. These safeguards extend to
all forms of interaction with us, including the Internet.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In the normal course of business, clients give us nonpublic personal information on
applications and other forms, on our Web sites, and through transactions with us or
our affiliates. To be able to serve our clients, information is shared with affiliates and
other companies. Specifically, we disclose client information to parties that perform
various services for us, such as transfer agents, custodians, and broker-dealers.
Limited information also may be shared with affiliates, with companies with which
we have joint marketing agreements, or with other parties as required by law. Any
organization receiving client information may only use it for the purpose designated
by Scudder.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Questions on this policy may be sent to: <BR>
Scudder Investments, Attention: Correspondence - Chicago, <BR>
P.O. Box 219415, Kansas City, MO 64121-9415.</FONT>
</P>
<BR>
<TABLE BORDER="1">
<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT">
</P>
</TD>
</TR>


</TABLE>
<BR>
<P ALIGN="LEFT">
</P>
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