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<SEC-DOCUMENT>0000088053-05-000160.txt : 20050208
<SEC-HEADER>0000088053-05-000160.hdr.sgml : 20050208
<ACCEPTANCE-DATETIME>20050208133730
ACCESSION NUMBER:		0000088053-05-000160
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20041130
FILED AS OF DATE:		20050208
DATE AS OF CHANGE:		20050208
EFFECTIVENESS DATE:		20050208

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		05583143

	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-CSR
<SEQUENCE>1
<FILENAME>mit.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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<PRE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                   FORM N-CSR

Investment Company Act file number 811-05655

                         SCUDDER MUNICIPAL INCOME TRUST
                      ------------------------------------
               (Exact Name of Registrant as Specified in Charter)


                  222 South Riverside Plaza, Chicago, IL 60606
                  --------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's Telephone Number, including Area Code: (617) 295-2663
                                                            --------------

                               Salvatore Schiavone
                             Two International Place
                           Boston, Massachusetts 02110
                     ---------------------------------------
                     (Name and Address of Agent for Service)

Date of fiscal year end:        11/30

Date of reporting period:       11/30/04

<PAGE>

ITEM 1.  REPORT TO STOCKHOLDERS

</PRE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_46">
<TR>
<TD ID="ID_1454" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<H1 ALIGN="LEFT"><BR>
Scudder Municipal<BR>
Income Trust</H1>
</TD>
</TR>

<TR>
<TD ID="ID_1461" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1457" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<H2 ALIGN="LEFT"><I><FONT COLOR="#000000">&nbsp;</FONT></I></H2>
</TD>
</TR>

<TR>
<TD ID="ID_1459" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1456" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<H2 ALIGN="LEFT">Annual Report to Shareholders</H2>
</TD>
</TR>

<TR>
<TD ID="ID_1458" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1455" ALIGN="LEFT" VALIGN="TOP" COLSPAN="2">
<H2 ALIGN="LEFT">November 30, 2004</H2>
</TD>
</TR>

<TR>
<TD ID="ID_1453" ALIGN="JUSTIFY" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="JUSTIFY"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_45">
<TR>
<TD ID="ID_1452" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Contents</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1365" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_26">
<TR>
<TD ID="ID_1389" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#perfsum">Click Here</A></FONT><FONT COLOR="#000000">   Performance Summary</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#pmr">Click Here</A></FONT><FONT COLOR="#000000">       Portfolio Management Review</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#portsum">Click Here</A></FONT><FONT COLOR="#000000">   Portfolio Summary</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#portfolio">Click Here</A></FONT><FONT COLOR="#000000">        Investment Portfolio</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#fins">Click Here</A></FONT><FONT COLOR="#000000">     Financial Statements</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#high">Click Here</A></FONT><FONT COLOR="#000000">     Financial Highlights</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#notes">Click Here</A></FONT><FONT COLOR="#000000">    Notes to Financial Statements</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#ria">Click Here</A></FONT><FONT COLOR="#000000">      Report of Independent Registered Public Accounting Firm</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#tax">Click Here</A></FONT><FONT COLOR="#000000">      Tax Information</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">  </FONT><A HREF="#drip"><FONT COLOR="#3d0000">32</FONT></A><FONT COLOR="#000000">        Dividend Reinvestment Plan</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#officers">Click Here</A></FONT><FONT COLOR="#000000"> Trustees and Officers</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#adinfo">Click Here</A></FONT><FONT COLOR="#000000">   Additional Information</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.2" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Investments in funds involve risk. Certain investors' income may be subject to the federal
Alternative Minimum Tax (AMT), and state and local taxes may also apply. Shares of
closed-end funds frequently trade at a discount to net asset value. The price of the fund's
shares is determined by a number of factors, several of which are beyond the control of
the fund. Therefore, the fund cannot predict whether its shares will trade at, below or
above net asset value. The fund invests individual bonds whose yields and market values
fluctuate, so that your investment may be worth more or less than its original cost.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the
US&nbsp;for the asset management activities of Deutsche Bank AG, Deutsche Investment Management
Americas Inc., Deutsche Asset Management Inc., Deutsche Asset Management Investment Services
Ltd., Deutsche Bank Trust Company Americas and Scudder Trust&nbsp;Company.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any
bank. Fund shares involve investment risk, including possible loss of principal.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_44">
<TR>
<TD ID="ID_1451" 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">November 30, 2004</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1364" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.3" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Performance is historical, assumes reinvestment of all dividends and capital gains,
and does not guarantee future results. Investment return and principal value
fluctuate with changing market conditions so that, when sold, shares may be
worth more or less than their original cost. Current performance may be lower or
higher than the performance data quoted. Please visit scudder.com for the Fund's
most recent performance.</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_25">
<TR>
<TD ID="ID_1335" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="5">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Average Annual Total Returns </FONT></B><FONT SIZE="-2" COLOR="#ffffff">as of 11/30/04</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1414" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Scudder Municipal Income Trust</FONT></B>
</P>
</TD>
<TD ID="ID_1430" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1-Year</FONT></B>
</P>
</TD>
<TD ID="ID_1429" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">3-Year</FONT></B>
</P>
</TD>
<TD ID="ID_1428" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5-Year</FONT></B>
</P>
</TD>
<TD ID="ID_1427" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">10-Year</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1413" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Based on Net Asset Value<SUP>(a)</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_1079" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5.50%</FONT></B>
</P>
</TD>
<TD ID="ID_1078" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8.44%</FONT></B>
</P>
</TD>
<TD ID="ID_1077" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">9.52%</FONT></B>
</P>
</TD>
<TD ID="ID_1076" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8.27%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1412" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Based on Market Price</FONT></B>
</P>
</TD>
<TD ID="ID_1075" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7.57%</FONT></B>
</P>
</TD>
<TD ID="ID_1074" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8.87%</FONT></B>
</P>
</TD>
<TD ID="ID_1073" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10.30%</FONT></B>
</P>
</TD>
<TD ID="ID_1072" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8.04%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1292" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lehman Brothers Municipal Bond Index<SUP>+</SUP></FONT>
</P>
</TD>
<TD ID="ID_1071" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.07%</FONT>
</P>
</TD>
<TD ID="ID_1070" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.68%</FONT>
</P>
</TD>
<TD ID="ID_1069" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.78%</FONT>
</P>
</TD>
<TD ID="ID_1068" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.16%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_24">
<TR>
<TD ID="ID_1328" 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 ID="ID_1127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1426" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 11/30/04</FONT></B>
</P>
</TD>
<TD ID="ID_1425" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 11/30/03</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1291" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT>
</P>
</TD>
<TD ID="ID_617" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.42</FONT>
</P>
</TD>
<TD ID="ID_616" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.59</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1290" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Market Price</FONT>
</P>
</TD>
<TD ID="ID_615" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.03</FONT>
</P>
</TD>
<TD ID="ID_614" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       11.96</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_23">
<TR>
<TD ID="ID_1327" 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 ID="ID_1343" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Twelve Months:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income Dividends (common shareholders) as of 11/30/04</FONT>
</P>
</TD>
<TD ID="ID_613" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .81</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1342" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">November Income Dividend (common shareholders)</FONT>
</P>
</TD>
<TD ID="ID_612" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .0675</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1288" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Net Asset Value)
as&nbsp;of&nbsp;11/30/04<SUP>++</SUP></FONT>
</P>
</TD>
<TD ID="ID_611" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6.52%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1287" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Market Price)
as&nbsp;of&nbsp;11/30/04<SUP>++</SUP></FONT>
</P>
</TD>
<TD ID="ID_610" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6.73%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1286" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Net Asset Value) as
of&nbsp;11/30/04<SUP>++</SUP></FONT>
</P>
</TD>
<TD ID="ID_609" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.03%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1285" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Market Price) as of 11/30/04<SUP>++</SUP></FONT>
</P>
</TD>
<TD ID="ID_608" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.35%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><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>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP> The unmanaged Lehman Brothers Municipal Bond Index is a market-value-weighted measure of
municipal bonds issued across the United States. Index issues have a credit rating of at least Baa
and a maturity of at least two years. Index returns assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>++</SUP></FONT></I><FONT SIZE="-2" COLOR="#000000">     <I>Current annualized distribution rate is the latest monthly dividend shown as an annualized
percentage of net asset value/market price on November 30, 2004. 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 35%.
Distribution rates are historical and will fluctuate.</I></FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_43">
<TR>
<TD ID="ID_1450" 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 ID="ID_1363" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.4" ALIGN="LEFT"><IMG SRC="mittoin4.gif" ALT="mit_top_margin4"><B><FONT COLOR="#000000">Scudder Municipal Income Trust: A Team Approach to Investing</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Investment Management Americas Inc. (&quot;DeIM&quot; or the &quot;Advisor&quot;), which
is part of Deutsche Asset Management, is the investment advisor for Scudder
Municipal Income Trust. DeIM and its predecessors have more than 80 years of
experience managing mutual funds and DeIM provides a full range of investment
advisory services to institutional and retail clients. DeIM is also responsible for
selecting brokers and dealers and for negotiating brokerage commissions and dealer
charges.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Asset Management is a global asset management organization that offers a
wide range of investing expertise and resources. This well-resourced global
investment platform brings together a wide variety of experience and investment
insight across industries, regions, asset classes and investing styles.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DeIM is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank
AG is a major global banking institution that is engaged in a wide range of financial
services, including investment management, mutual funds, retail, private and
commercial banking, investment banking and insurance.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Portfolio Management Team</FONT></H2>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Philip G. Condon</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager of the fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       Joined Deutsche Asset Management in 1983 and the fund team in 1998.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       Over 28 years of investment industry experience.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       MBA, University of Massachusetts at Amherst.</FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Eleanor R. Brennan</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director of Deutsche Asset Management and Co-Lead Portfolio Manager of the fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       Joined Deutsche Asset Management in 1995 and the fund team in 1998.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       Over 18 years of investment industry experience.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       MS, Drexel University.</FONT>
</P>
<P ID="mit.html.5" ALIGN="LEFT"><FONT SIZE="-1" COLOR="#000000">Philip G. Condon and Eleanor R. Brennan serve as Co-Lead Portfolio Managers of
Scudder Municipal Income Trust. In the following interview, Scudder's municipal bond
team discusses the fund's performance for the period and the market environment
for municipal bonds.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:&nbsp;&nbsp;Will you describe the general market environment
during the annual period ended November 30, 2004?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">Municipal bonds and the broad bond market, in
general, delivered strong results for the 12-month period
ended November 30, 2004. The municipal bond market,
as measured by the Lehman Brothers Municipal Bond
Index, returned 4.07% for the annual period ended
November 30, 2004.<FONT SIZE="-1"><SUP>1</SUP></FONT> The broad bond market, as
measured by the Lehman Brothers Aggregate Bond Index,
returned 4.44% for the same period.<FONT SIZE="-1"><SUP>2</SUP></FONT></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP><I> The unmanaged Lehman Brothers Municipal Bond Index is a market-value-weighted measure of
municipal bonds issued across the United States. Index issues have a credit rating of at least Baa
and a maturity of at least two years.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>2</SUP><I> The Lehman Brothers Aggregate Bond Index is an unmanaged index representing domestic taxable
investment-grade bonds, with index components for government and corporate securities,
mortgage pass-through securities and asset-backed securities with average maturities of one year
or more. </I></FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">     Index returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or
expenses. It is not possible to invest directly into an index.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Municipal bond new issue supply was lower for the
11-month (calendar year-to-date) period ended
November&nbsp;30, 2004, versus the same period in 2003.
Because of concerns about rising interest rates, municipal
bond demand was low among mutual fund investors.
However, demand from institutional investors was strong.
This combination of declining supply and solid demand
helped municipal bonds outperform many taxable
alternatives. Supply and demand factors are important
because they are one way a bond's price can be driven
higher or lower. High demand or low supply can cause a
bond's price to rise, while lessened demand or a flood of
supply can cause a bond's price to decline. A bond's yield
moves in the opposite direction of its price. </FONT>
</P>
<P ID="mit.html.6" ALIGN="LEFT"><FONT COLOR="#000000">During the period, the Federal Reserve Board increased
the federal funds rate, the benchmark for market interest
rates, to 2.00% in four increments of 0.25 percentage
points.</FONT><FONT COLOR="#ffff00"> </FONT><FONT COLOR="#000000">However, slowing economic growth and rising oil
prices helped keep yields in the bond market from rising
as much as investors anticipated and caused yields to
decline in some maturities. (A rise in interest rates causes
the price of a bond in the market to fall, which would
make bonds a less attractive security to own.) </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Overall, the municipal bond yield curve flattened during
the period.<FONT SIZE="-1"><SUP>3</SUP></FONT> Generally, municipal bond yields with shorter
maturities rose, while yields of 15- and 20-year bonds
declined slightly. Yields of bonds with maturities of 30
years rose slightly. A&nbsp;flattening curve means that the
difference in yields between longer-term and shorter-term
maturities is decreasing, and investors have less incentive
to tie their money up in longer-maturity bonds, which can
be more sensitive to interest rate changes. The fund's
portfolio managers track the movements of the yield curve
and position the fund's investments based upon their
expectations for future yield curve fluctuations, while
also&nbsp;working to keep the fund's duration similar to that
of&nbsp;its benchmark, the Lehman Brothers Municipal Bond
Index.<FONT SIZE="-1"><SUP>4</SUP></FONT> (See the graph on the following page for municipal
bond yield changes from the beginning to the end of
the&nbsp;period.)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>3</SUP><I> The yield curve is a graph with a left-to-right line that shows how high or low yields are, from the
shortest to the longest maturities. Typically (and when the yield curve is characterized as &quot;steep,&quot;
this is especially true) the line rises from left to right as investors who are willing to tie up their
money for a longer period are rewarded with higher yields. </I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>4</SUP><I> Duration is a measure of bond price volatility. Duration can be defined as the approximate
percentage change in price for a 100-basis-point (one single percentage point) change in market
interest rate levels. A duration of 1.25, for example, means that the price of a bond or bond
portfolio should rise by approximately 1.25% for a one-percentage-point drop in interest rates.
And, that it should fall by 1.25% for a one-percentage-point rise in interest rates.</I></FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_22">
<TR>
<TD ID="ID_1326" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">AAA Municipal bond yield curve (as of 11/30/03 and 11/30/04)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="mitg1160.gif" ALT="mit_g10k160"></TD>
</TR>


</TABLE>
<P ID="mit.html.7" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Source: Municipal Market Data</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">This chart is not intended to represent the yield of any Scudder fund.</FONT></I>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:&nbsp;&nbsp;How did Scudder Municipal Income Trust perform for
the 12-month period ended November&nbsp;30, 2004?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">Scudder Municipal Income Trust delivered strong
absolute and relative results. The fund's total return based
on net asset value was 5.50% for the annual period. The
fund posted a total return based on market value of
7.57%. The fund's benchmark, the unmanaged Lehman
Brothers Municipal Bond Index, returned 4.07%. (Past
performance is no guarantee of future results. Please see
page <A HREF="#perfsum">3</A> for more complete performance information.)</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:&nbsp;&nbsp;How was the fund positioned, and how did this
positioning contribute to its performance for the annual
period ended November 30, 2004?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">Strong individual credit selection helped deliver the
fund's strong returns. During the period, we added to
our&nbsp;California Bond holdings, which were positive
contributors, as their spreads tightened.<FONT SIZE="-1"><SUP>5</SUP></FONT></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>5  </SUP><I>The yield spread is the difference between the yield of a municipal bond and the yield of an
AAA-rated municipal credit. A large spread indicates that investors require yields substantially
above those of Treasuries in order to invest in high-yield bonds. This is generally indicative of a
higher-risk environment. A smaller spread generally indicates a more positive environment, since
investors are less concerned about risk and therefore willing to accept lower yields. A tightening in
the yield spread is a positive.</I></FONT>
</P>
<P ID="mit.html.8" ALIGN="LEFT"><FONT COLOR="#000000">The fund's returns were held back somewhat by more
defensive positioning in terms of the coupon, duration
and credit quality of the bonds we chose. Generally,
we&nbsp;held bonds with higher relative credit quality. The
fund's results benefited from some of our holdings in
longer-maturity bonds. We are comfortable with this
positioning and believe it will help the fund deliver
attractive overall longer-term results.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Overall, we believe municipal bond valuations relative
to&nbsp;Treasuries and agencies remain attractive. </FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">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 and should not be construed as
a recommendation.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_42">
<TR>
<TD ID="ID_1449" 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">November 30, 2004</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1362" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_11">
<TR>
<TD ID="ID_1325" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Portfolio Composition</FONT></B>
</P>
</TD>
<TD ID="ID_225" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
<TD ID="ID_224" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/03</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1284" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1283" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Revenue Bonds</FONT>
</P>
</TD>
<TD ID="ID_1067" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">62%</FONT>
</P>
</TD>
<TD ID="ID_1066" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">67%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1282" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">ETM/Prerefunded Bonds</FONT>
</P>
</TD>
<TD ID="ID_1065" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16%</FONT>
</P>
</TD>
<TD ID="ID_1064" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1281" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">US Government Secured</FONT>
</P>
</TD>
<TD ID="ID_1063" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
<TD ID="ID_1062" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1280" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lease Obligations</FONT>
</P>
</TD>
<TD ID="ID_1061" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
<TD ID="ID_1060" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1059" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1058" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD ID="ID_1057" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_10">
<TR>
<TD ID="ID_1324" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Quality</FONT></B>
</P>
</TD>
<TD ID="ID_223" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
<TD ID="ID_222" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/03</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1279" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1278" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AAA</FONT>
</P>
</TD>
<TD ID="ID_1056" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">70%</FONT>
</P>
</TD>
<TD ID="ID_1055" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">72%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1277" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AA</FONT>
</P>
</TD>
<TD ID="ID_1054" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
<TD ID="ID_1053" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1276" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">A</FONT>
</P>
</TD>
<TD ID="ID_1052" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14%</FONT>
</P>
</TD>
<TD ID="ID_1051" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1275" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BBB</FONT>
</P>
</TD>
<TD ID="ID_1050" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
<TD ID="ID_1049" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1274" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BB</FONT>
</P>
</TD>
<TD ID="ID_1048" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
<TD ID="ID_1047" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1273" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Not Rated</FONT>
</P>
</TD>
<TD ID="ID_1046" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
<TD ID="ID_1045" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1044" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1043" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD ID="ID_1042" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_9">
<TR>
<TD ID="ID_1323" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Interest Rate Sensitivity</FONT></B>
</P>
</TD>
<TD ID="ID_221" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
<TD ID="ID_220" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/03</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1272" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1271" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Average Maturity</FONT>
</P>
</TD>
<TD ID="ID_1041" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.8 years</FONT>
</P>
</TD>
<TD ID="ID_1040" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8.3 years</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1270" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Duration</FONT>
</P>
</TD>
<TD ID="ID_1039" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.4 years</FONT>
</P>
</TD>
<TD ID="ID_1038" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.6 years</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_8">
<TR>
<TD ID="ID_1334" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Top Five State Allocations </FONT></B><FONT SIZE="-2" COLOR="#ffffff">(Percentage of Investment
Portfolio)</FONT>
</P>
</TD>
<TD ID="ID_219" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
<TD ID="ID_218" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/03</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1269" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1268" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas</FONT>
</P>
</TD>
<TD ID="ID_1037" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13%</FONT>
</P>
</TD>
<TD ID="ID_1036" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1267" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California</FONT>
</P>
</TD>
<TD ID="ID_1035" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
<TD ID="ID_1034" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1266" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York</FONT>
</P>
</TD>
<TD ID="ID_1033" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
<TD ID="ID_1032" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1265" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey</FONT>
</P>
</TD>
<TD ID="ID_1031" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
<TD ID="ID_1030" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1264" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois</FONT>
</P>
</TD>
<TD ID="ID_1029" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD ID="ID_1028" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.9" 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">The quality ratings represent the lower of Moody's Investors Services, Inc. (&quot;Moody's&quot;) or Standard &amp;
Poor's Corporation (&quot;S&amp;P&quot;) credit ratings. The ratings of Moody's and S&amp;P represent their opinions as
to the quality of the securities they rate. Ratings are relative and subjective and are not absolute
standards of quality. The Fund's credit quality does not remove market risk.</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">10</A>. A quarterly Fact Sheet
is&nbsp;available upon request. Please see the Additional Information section for contact information.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be reviewed
and copied at the SEC's Public Reference Room in Washington, D.C.
Information on the operation of the SEC's Public Reference Room may be
obtained by calling (800)&nbsp;SEC-0330.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_41">
<TR>
<TD ID="ID_1448" 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 November 30, 2004</FONT></B>
</P>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<IMG SRC="mitaces0.gif" ALT="mit_accompanying_notes0"></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM">
<IMG SRC="mittoin3.gif" ALT="mit_top_margin3"></TD>
</TR>

<TR>
<TD ID="ID_1361" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_21">
<TR>
<TD ID="ID_394" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_167" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Principal
Amount ($)</FONT></B>
</P>
</TD>
<TD ID="ID_166" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_393" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1027" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1321" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Municipal Investments 152.7%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1126" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Alabama 5.2%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_392" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Alabama, Port Authority Revenue, Docks Department, AMT,
6.3%, 10/1/2021 (b) </FONT>
</P>
</TD>
<TD ID="ID_1026" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,250,000</FONT>
</P>
</TD>
<TD ID="ID_1025" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,906,452</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_391" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Camden, AL, Industrial Development Board Revenue, AMT,
Series B, 6.375%, 12/1/2024 </FONT>
</P>
</TD>
<TD ID="ID_1024" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_1023" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,075,810</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_390" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Huntsville, AL, Hospital &amp; Healthcare Revenue, Health Care
Authority, Series A, 5.75%, 6/1/2031 </FONT>
</P>
</TD>
<TD ID="ID_1022" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD ID="ID_1021" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,725,775</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_389" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Huntsville, AL, Water &amp; Sewer Revenue, AMT, 5.75%,
10/1/2011 (b) </FONT>
</P>
</TD>
<TD ID="ID_1020" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,560,000</FONT>
</P>
</TD>
<TD ID="ID_1019" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,428,241</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_388" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_430" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">25,136,278</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1125" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Arizona 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_387" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Arizona, Hospital &amp; Healthcare Revenue, Health Facilities
Authority, Catholic Healthcare West, Series A, 6.625%,
7/1/2020 </FONT>
</P>
</TD>
<TD ID="ID_1018" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD ID="ID_429" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,772,590</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1124" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">California 16.1%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_386" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, Electric Revenue, Department of Water Resources
and Power Supply, Series A, 5.375%, 5/1/2022 </FONT>
</P>
</TD>
<TD ID="ID_1017" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,350,000</FONT>
</P>
</TD>
<TD ID="ID_1016" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,820,106</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_385" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, General Obligation, 5.125%, 4/1/2024 </FONT>
</P>
</TD>
<TD ID="ID_1015" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,400,000</FONT>
</P>
</TD>
<TD ID="ID_1014" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,554,880</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_384" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, General Obligation, Economic Recovery, Series A,
5.0%, 7/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_1013" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,500,000</FONT>
</P>
</TD>
<TD ID="ID_1012" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,294,920</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_383" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, Hospital &amp; Healthcare Revenue, Health Facilities
Funding Authority, Adventist Health Systems, Series A,
5.0%, 3/1/2028 </FONT>
</P>
</TD>
<TD ID="ID_1011" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_1010" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">993,530</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_382" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, Special Assessment Revenue, Golden State
Tobacco Securitization Corp.: </FONT>
</P>
</TD>
<TD ID="ID_1009" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1008" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_102" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.625%, 6/1/2038 </FONT>
</P>
</TD>
<TD ID="ID_1007" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,080,000</FONT>
</P>
</TD>
<TD ID="ID_1006" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,435,982</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series 2003-A-1, 6.75%, 6/1/2039 </FONT>
</P>
</TD>
<TD ID="ID_1005" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,730,000</FONT>
</P>
</TD>
<TD ID="ID_1004" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,733,754</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_381" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_1003" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1002" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_161" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 12/1/2020 </FONT>
</P>
</TD>
<TD ID="ID_1001" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,600,000</FONT>
</P>
</TD>
<TD ID="ID_1000" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,821,582</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_160" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 2/1/2021 </FONT>
</P>
</TD>
<TD ID="ID_999" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_998" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,061,020</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_159" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 12/1/2021 </FONT>
</P>
</TD>
<TD ID="ID_997" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,215,000</FONT>
</P>
</TD>
<TD ID="ID_996" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,887,453</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_158" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 4/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_995" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,250,000</FONT>
</P>
</TD>
<TD ID="ID_994" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,392,688</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_380" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State Revenue Lease, Public Works Board,
Department of Corrections, Series C, 5.5%, 6/1/2021 </FONT>
</P>
</TD>
<TD ID="ID_993" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_992" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,705,500</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_379" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State Revenue Lease, Public Works Board,
University of California Projects, Series F, 5.0%, 11/1/2025 </FONT>
</P>
</TD>
<TD ID="ID_991" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_990" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,022,330</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_378" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Palmdale, CA, Water District Revenue, Certificates of
Participation, 5.0%, 10/1/2034 (b) </FONT>
</P>
</TD>
<TD ID="ID_989" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,570,000</FONT>
</P>
</TD>
<TD ID="ID_988" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,609,877</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_377" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Sacramento County, CA, Airport Revenue, AMT, Series A,
5.9%, 7/1/2024 (b) </FONT>
</P>
</TD>
<TD ID="ID_987" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_986" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,294,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_376" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_428" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">77,627,622</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1123" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Colorado 8.3%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_375" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Adams County, CO, Multi-Family Housing Revenue, Oasis Park
Apartments Project, Series A, 6.15%, 1/1/2026 </FONT>
</P>
</TD>
<TD ID="ID_985" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD ID="ID_984" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,189,720</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_374" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Hospital &amp; Healthcare Revenue, Portercare
Adventist Health Project, 6.5%, 11/15/2031 </FONT>
</P>
</TD>
<TD ID="ID_983" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_982" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,095,850</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_373" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Hospital &amp; Healthcare Revenue, Poudre Valley
Health Facilities: </FONT>
</P>
</TD>
<TD ID="ID_981" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_980" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_157" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 12/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_979" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,145,000</FONT>
</P>
</TD>
<TD ID="ID_978" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,708,005</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_156" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_977" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,705,000</FONT>
</P>
</TD>
<TD ID="ID_976" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,422,460</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_155" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2016 (b) </FONT>
</P>
</TD>
<TD ID="ID_975" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_974" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,251,520</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_372" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Single Family Housing Revenue, AMT, Series B2,
7.25%, 10/1/2031 </FONT>
</P>
</TD>
<TD ID="ID_973" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">375,000</FONT>
</P>
</TD>
<TD ID="ID_972" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">386,584</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_371" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Transportation/Tolls Revenue, Anticipation Note,
Prerefunded, 6.0%, 6/15/2011 (b) </FONT>
</P>
</TD>
<TD ID="ID_971" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD ID="ID_970" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,502,200</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_370" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Denver, CO, Airport Revenue, AMT, Series A, 6.0%,
11/15/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_969" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_968" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,554,200</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_369" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_427" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">40,110,539</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1122" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">District of Columbia 7.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_368" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, Core City General Obligation, Series B,
5.5%, 6/1/2011 (b) </FONT>
</P>
</TD>
<TD ID="ID_967" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,000,000</FONT>
</P>
</TD>
<TD ID="ID_966" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">22,435,600</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_367" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, ETM, Series A, Prerefunded, 5.5%,
6/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_965" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">640,000</FONT>
</P>
</TD>
<TD ID="ID_964" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">706,432</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_366" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, State General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_963" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_962" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_154" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.25%, 6/1/2027 (b) </FONT>
</P>
</TD>
<TD ID="ID_961" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,830,000</FONT>
</P>
</TD>
<TD ID="ID_960" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,185,657</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_153" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 6/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_959" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,860,000</FONT>
</P>
</TD>
<TD ID="ID_958" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,052,622</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_365" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_426" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">36,380,311</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1121" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Florida 6.4%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_364" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dade County, FL, Airport Revenue, AMT, Series A, 5.75%,
10/1/2026 (b) </FONT>
</P>
</TD>
<TD ID="ID_957" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,000,000</FONT>
</P>
</TD>
<TD ID="ID_956" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,762,710</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_363" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dade County, FL, Special Assessment Revenue: </FONT>
</P>
</TD>
<TD ID="ID_955" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_954" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_152" 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 ID="ID_953" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,735,000</FONT>
</P>
</TD>
<TD ID="ID_952" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,992,749</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_151" 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 ID="ID_951" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,955,000</FONT>
</P>
</TD>
<TD ID="ID_950" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,777,755</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_362" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hillsborough County, FL, Industrial Development Revenue,
University Community Hospital Project, Series A, 5.625%,
8/15/2023 </FONT>
</P>
</TD>
<TD ID="ID_949" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_948" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,003,480</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_361" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Miami-Dade County, FL, Transportation/Tolls Revenue,
Expressway Authority: </FONT>
</P>
</TD>
<TD ID="ID_947" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_946" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_100" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_945" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD ID="ID_944" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,899,582</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_943" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_942" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,140,890</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_360" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Orange County, FL, Hospital &amp; Healthcare Revenue, Health
Facilities Authority, Orlando Regional Healthcare, 5.75%,
12/1/2032 </FONT>
</P>
</TD>
<TD ID="ID_941" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_940" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,053,410</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_359" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Palm Beach County, FL, School District Revenue Lease,
Series&nbsp;A, Prerefunded, 5.75%, 8/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_939" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,850,000</FONT>
</P>
</TD>
<TD ID="ID_938" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,261,312</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_358" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_425" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">30,891,888</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1120" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Georgia 1.1%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_357" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Atlanta, GA, Water &amp; Wastewater Revenue, Water Utilities
Improvements, 5.0%, 11/1/2024 (b) </FONT>
</P>
</TD>
<TD ID="ID_937" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_936" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,156,840</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_356" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Burke County, GA, Development Authority Pollution Control
Revenue, Oglethorpe Power Corp., 1.69%, 1/1/2021 (b) (c) </FONT>
</P>
</TD>
<TD ID="ID_935" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">785,000</FONT>
</P>
</TD>
<TD ID="ID_934" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">785,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_355" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Monroe County, GA, Development Authority Pollution
Control Revenue, Oglethorpe Power, Series B, 1.69%,
1/1/2020 (b) (c) </FONT>
</P>
</TD>
<TD ID="ID_933" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">200,000</FONT>
</P>
</TD>
<TD ID="ID_932" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">200,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_354" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_424" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,141,840</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1119" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Hawaii 7.4%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_353" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Airports System Revenue, AMT, Series B, 6.5%,
7/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_931" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,800,000</FONT>
</P>
</TD>
<TD ID="ID_930" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,049,512</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_352" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Electric Revenue, Department of Budget &amp; Finance,
AMT: </FONT>
</P>
</TD>
<TD ID="ID_929" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_928" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_114" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 6.15%, 1/1/2020 (b) </FONT>
</P>
</TD>
<TD ID="ID_927" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,195,000</FONT>
</P>
</TD>
<TD ID="ID_926" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,425,080</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_113" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.2%, 5/1/2026 (b) </FONT>
</P>
</TD>
<TD ID="ID_925" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,200,000</FONT>
</P>
</TD>
<TD ID="ID_924" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,916,628</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_351" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Port Authority Revenue, AMT: </FONT>
</P>
</TD>
<TD ID="ID_923" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_922" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_150" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2011 (b) </FONT>
</P>
</TD>
<TD ID="ID_921" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,950,000</FONT>
</P>
</TD>
<TD ID="ID_920" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,320,667</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_149" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2012 (b) </FONT>
</P>
</TD>
<TD ID="ID_919" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,135,000</FONT>
</P>
</TD>
<TD ID="ID_918" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,468,282</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_350" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, State General Obligation, Series CT, Prerefunded,
5.75%, 9/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_917" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,310,000</FONT>
</P>
</TD>
<TD ID="ID_916" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,622,012</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_349" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_423" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">35,802,181</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1118" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Idaho 0.1%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_348" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Idaho, Single Family Housing Revenue, AMT, Series C2, 6.9%,
7/1/2025 </FONT>
</P>
</TD>
<TD ID="ID_915" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">410,000</FONT>
</P>
</TD>
<TD ID="ID_422" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">410,504</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1117" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Illinois 8.9%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_347" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Airport Revenue, O'Hare International Airport,
AMT, 5.5%, 1/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_914" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD ID="ID_913" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,804,900</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_346" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Core City General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_912" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_911" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_148" 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 ID="ID_910" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,085,000</FONT>
</P>
</TD>
<TD ID="ID_909" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,407,550</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_147" 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 ID="ID_908" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_907" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,322,120</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_146" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.125%, 1/1/2016 (b) </FONT>
</P>
</TD>
<TD ID="ID_906" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_905" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,288,900</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_345" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Other General Obligation, Neighborhoods Alive
21 Project: </FONT>
</P>
</TD>
<TD ID="ID_904" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_903" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_112" 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 ID="ID_902" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_901" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,154,700</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_111" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 1/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_900" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_899" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,135,960</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_344" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Higher Education Revenue, DePaul University,
Educational Facilities Authority: </FONT>
</P>
</TD>
<TD ID="ID_898" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_897" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_110" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 10/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_896" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,695,000</FONT>
</P>
</TD>
<TD ID="ID_895" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,071,168</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_109" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 10/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_894" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,710,000</FONT>
</P>
</TD>
<TD ID="ID_893" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,948,682</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_343" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Hospital &amp; Healthcare Revenue, Adventist Health
System, 5.5%, 11/15/2020 </FONT>
</P>
</TD>
<TD ID="ID_892" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_891" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,620,675</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_342" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Hospital &amp; Healthcare Revenue, Children's Memorial
Hospital, Series A, Prerefunded, 5.625%, 8/15/2019 (b) </FONT>
</P>
</TD>
<TD ID="ID_890" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_889" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,498,040</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_341" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Pollution Control Revenue, Commonwealth Edison
Co. Project, Series D, 6.75%, 3/1/2015 </FONT>
</P>
</TD>
<TD ID="ID_888" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,220,000</FONT>
</P>
</TD>
<TD ID="ID_887" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,348,878</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_340" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Sales &amp; Special Tax Revenue, Metropolitan Pier &amp;
Exposition Authority: </FONT>
</P>
</TD>
<TD ID="ID_886" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_885" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_108" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, ETM, 5.5%, 6/15/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_884" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,955,000</FONT>
</P>
</TD>
<TD ID="ID_883" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,251,359</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 6/15/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_882" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,555,000</FONT>
</P>
</TD>
<TD ID="ID_881" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,769,232</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_339" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Will County, IL, Industrial Development Revenue, Mobil Oil
Refining Corp. Project, AMT, 6.0%, 2/1/2027 </FONT>
</P>
</TD>
<TD ID="ID_880" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_879" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,074,860</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_338" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_421" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">42,697,024</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1116" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Indiana 1.1%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_337" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Indiana, Hospital &amp; Healthcare Revenue, Health Facilities
Authority, 5.5%, 11/1/2031 </FONT>
</P>
</TD>
<TD ID="ID_878" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_420" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,136,950</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1115" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Kansas 0.6%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_336" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Overland Park, KS, Industrial Development Revenue,
Development Corp., Series A, 7.375%, 1/1/2032 </FONT>
</P>
</TD>
<TD ID="ID_877" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_419" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,055,890</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1114" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Kentucky 1.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_335" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Breckinridge County, KY, Lease Program Revenue, Kentucky
Association Counties Leasing Trust, Series A, 1.68%,
2/1/2032, US Bank NA (c) (d) </FONT>
</P>
</TD>
<TD ID="ID_876" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">585,000</FONT>
</P>
</TD>
<TD ID="ID_875" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">585,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_334" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kentucky, Hospital &amp; Healthcare Revenue, Economic
Development Finance Authority, Norton Healthcare, Inc.: </FONT>
</P>
</TD>
<TD ID="ID_874" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_873" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.5%, 10/1/2020 </FONT>
</P>
</TD>
<TD ID="ID_872" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_871" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,166,120</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.625%, 10/1/2028 </FONT>
</P>
</TD>
<TD ID="ID_870" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_869" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,287,400</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_333" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_418" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,038,520</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1113" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Louisiana 0.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_332" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Louisiana, Electric Revenue, 5.75%, 1/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_868" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_417" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,294,000</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1112" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Maine 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_331" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maine, Hospital &amp; Healthcare Revenue, Series D, 5.7%,
7/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_867" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,550,000</FONT>
</P>
</TD>
<TD ID="ID_866" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,585,402</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_330" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_865" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,165,000</FONT>
</P>
</TD>
<TD ID="ID_864" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,543,161</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_329" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_416" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,128,563</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1111" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Maryland 0.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_328" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maryland, Hospital &amp; Healthcare Revenue, University of
Maryland Medical System, 6.75%, 7/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_863" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_415" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,814,250</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1110" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Massachusetts 3.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_327" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Massachusetts, Airport Revenue, AMT, Series B, 5.5%,
7/1/2009 (b) </FONT>
</P>
</TD>
<TD ID="ID_862" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD ID="ID_861" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,773,440</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_326" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Massachusetts, Airport Revenue, U.S. Airways, Inc. Project,
AMT, Series A, 5.875%, 9/1/2023 (b) </FONT>
</P>
</TD>
<TD ID="ID_860" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_859" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,152,750</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_325" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Massachusetts, Port Authority Revenue, AMT, Series B, 5.5%,
7/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_858" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_857" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,221,010</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_324" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_414" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">17,147,200</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1109" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Michigan 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_323" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chippewa County, MI, Hospital &amp; Healthcare Revenue,
Chippewa County War Memorial, Series B, 5.625%,
11/1/2014 </FONT>
</P>
</TD>
<TD ID="ID_856" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_855" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,504,830</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_322" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Michigan, Industrial Development Revenue: </FONT>
</P>
</TD>
<TD ID="ID_854" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_853" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_145" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.5%, 6/1/2018 (b) </FONT>
</P>
</TD>
<TD ID="ID_852" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,425,000</FONT>
</P>
</TD>
<TD ID="ID_851" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,749,930</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_144" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.75%, 6/1/2016 (b) </FONT>
</P>
</TD>
<TD ID="ID_850" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,640,000</FONT>
</P>
</TD>
<TD ID="ID_849" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,171,976</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_321" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_413" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,426,736</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Minnesota 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_320" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Minneapolis and St. Paul, MN, Airport Revenue, AMT, <BR>
Series B, 6.0%, 1/1/2012 (b) </FONT>
</P>
</TD>
<TD ID="ID_848" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,395,000</FONT>
</P>
</TD>
<TD ID="ID_847" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,849,795</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_319" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Minneapolis and St. Paul, MN, Port Authority Revenue, AMT,
Series B, 5.625%, 1/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_846" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_845" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,704,850</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_318" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_412" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,554,645</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1107" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Missouri 1.2%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_317" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Missouri, Hospital &amp; Healthcare Revenue, Lake of the Ozarks
General Hospital: </FONT>
</P>
</TD>
<TD ID="ID_844" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_843" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_95" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD ID="ID_842" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">760,000</FONT>
</P>
</TD>
<TD ID="ID_841" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">811,718</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD ID="ID_840" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">365,000</FONT>
</P>
</TD>
<TD ID="ID_839" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">377,290</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_316" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">St. Louis, MO, Industrial Development Authority Revenue, St.
Louis Convention Center: </FONT>
</P>
</TD>
<TD ID="ID_838" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_837" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AMT, Series A, 6.875%, 12/15/2020 </FONT>
</P>
</TD>
<TD ID="ID_836" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_835" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,199,145</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_92" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AMT, Series A, 7.2%, 12/15/2028 </FONT>
</P>
</TD>
<TD ID="ID_834" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_833" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,218,600</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_315" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_411" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,606,753</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Nevada 2.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_314" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Las Vegas, NV, Core City General Obligation, Water &amp; Sewer
Revenue, 5.375%, 4/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_832" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,705,000</FONT>
</P>
</TD>
<TD ID="ID_831" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,989,241</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_313" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nevada, State General Obligation, Capital Improvement and
Cultural Affairs Project, Series A, 5.5%, 2/1/2014 </FONT>
</P>
</TD>
<TD ID="ID_830" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,575,000</FONT>
</P>
</TD>
<TD ID="ID_829" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,837,727</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_312" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washoe County, NV, School District General Obligation,
Prerefunded, 5.75%, 6/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_828" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,450,000</FONT>
</P>
</TD>
<TD ID="ID_827" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,164,441</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_311" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_410" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11,991,409</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1105" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New Jersey 11.1%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_310" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Casino Reinvestment Development Authority,
Hotel Room Fee Revenue, 5.0%, 1/1/2025 (b) </FONT>
</P>
</TD>
<TD ID="ID_826" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_825" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,130,040</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_309" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Economic Development Authority Revenue,
Cigarette Tax, 5.75%, 6/15/2034 </FONT>
</P>
</TD>
<TD ID="ID_824" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,090,000</FONT>
</P>
</TD>
<TD ID="ID_823" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,113,479</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_308" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Hospital &amp; Healthcare Revenue, General Hospital
Center at Passaic, ETM, 6.75%, 7/1/2019 (b) </FONT>
</P>
</TD>
<TD ID="ID_822" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_821" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,312,550</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_307" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Industrial Development Revenue, American
Water Co., Inc. Project, AMT, Series A, 6.875%,
11/1/2034&nbsp;(b) </FONT>
</P>
</TD>
<TD ID="ID_820" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,775,000</FONT>
</P>
</TD>
<TD ID="ID_819" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,029,936</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_306" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Industrial Development Revenue, Economic
Development Authority, Harrogate, Inc., Series A, 5.875%,
12/1/2026 </FONT>
</P>
</TD>
<TD ID="ID_818" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,400,000</FONT>
</P>
</TD>
<TD ID="ID_817" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,411,494</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_305" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Resource Recovery Revenue, Tobacco Settlement
Financing Corp., 5.75%, 6/1/2032 </FONT>
</P>
</TD>
<TD ID="ID_816" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,465,000</FONT>
</P>
</TD>
<TD ID="ID_815" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,341,232</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_304" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, State Agency General Obligation Lease,
Transportation Trust Fund Authority, Series A,
Prerefunded, 5.75%, 6/15/2017 </FONT>
</P>
</TD>
<TD ID="ID_814" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD ID="ID_813" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,339,100</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_303" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Transportation/Tolls Revenue, Economic
Development Authority, Series A, Prerefunded, 5.75%,
5/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_812" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD ID="ID_811" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,717,060</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_302" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Transportation/Tolls Revenue, Garden State
Parkway Project, Prerefunded, 5.6%, 1/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_810" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD ID="ID_809" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,028,800</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_301" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_409" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">53,423,691</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New York 13.8%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_300" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nassau County, NY, Hospital &amp; Healthcare, 6.0%, 8/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_808" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,390,000</FONT>
</P>
</TD>
<TD ID="ID_807" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,918,704</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_299" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State Agency General Obligation Lease, Higher
Education Revenue, Dormitory Authority, Bronx-Lebanon
Hospital Center, Series E, 5.2%, 2/15/2016 </FONT>
</P>
</TD>
<TD ID="ID_806" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,770,000</FONT>
</P>
</TD>
<TD ID="ID_805" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,846,216</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_298" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State Agency General Obligation Lease, Higher
Education Revenue, Dormitory Authority, City University,
Series A, 5.625%, 7/1/2016 </FONT>
</P>
</TD>
<TD ID="ID_804" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_803" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,702,560</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_297" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State Agency General Obligation Lease, Higher
Education Revenue, Dormitory Authority, Jamaica
Hospital, Series F, 5.2%, 2/15/2016 </FONT>
</P>
</TD>
<TD ID="ID_802" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_801" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,043,060</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_296" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State General Obligation, Tobacco Settlement
Financing Corp.: </FONT>
</P>
</TD>
<TD ID="ID_800" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_799" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_107" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-1, 5.25%, 6/1/2022 </FONT>
</P>
</TD>
<TD ID="ID_798" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD ID="ID_797" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,619,400</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_106" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-1, 5.5%, 6/1/2019 </FONT>
</P>
</TD>
<TD ID="ID_796" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,400,000</FONT>
</P>
</TD>
<TD ID="ID_795" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,112,717</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_295" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, Transportation/Tolls Revenue: </FONT>
</P>
</TD>
<TD ID="ID_794" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_793" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_143" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 4/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_792" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_791" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,622,550</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_142" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.75%, 4/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_790" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_789" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,259,160</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_294" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, Core City General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_788" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_787" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_141" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, 5.25%, 8/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_786" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,380,000</FONT>
</P>
</TD>
<TD ID="ID_785" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,160,368</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_140" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, 5.25%, 8/1/2015 </FONT>
</P>
</TD>
<TD ID="ID_784" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_783" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,347,850</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_293" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, General Obligation, Series D, 5.0%, 11/1/2024 </FONT>
</P>
</TD>
<TD ID="ID_782" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,500,000</FONT>
</P>
</TD>
<TD ID="ID_781" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,691,400</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_292" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, Sales &amp; Special Tax Revenue, Transitional
Finance Authority: </FONT>
</P>
</TD>
<TD ID="ID_780" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_779" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_105" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD ID="ID_778" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,645,000</FONT>
</P>
</TD>
<TD ID="ID_777" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,911,951</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_104" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD ID="ID_776" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">355,000</FONT>
</P>
</TD>
<TD ID="ID_775" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">405,921</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_103" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 6.125%, 11/15/2015 </FONT>
</P>
</TD>
<TD ID="ID_774" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_773" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,486,840</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_291" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Niagara Falls, NY, School District General Obligation, 5.6%,
6/15/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_772" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,180,000</FONT>
</P>
</TD>
<TD ID="ID_771" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,302,862</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_290" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_408" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">66,431,559</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1103" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">North Carolina 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_289" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Charlotte, NC, Airport Revenue, AMT: </FONT>
</P>
</TD>
<TD ID="ID_770" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_769" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_139" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 7/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_768" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,480,000</FONT>
</P>
</TD>
<TD ID="ID_767" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,729,166</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_138" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.875%, 7/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_766" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,140,000</FONT>
</P>
</TD>
<TD ID="ID_765" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,257,112</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_288" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">North Carolina, Electric Revenue, Municipal Power Agency: </FONT>
</P>
</TD>
<TD ID="ID_764" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_763" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_137" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 5.375%, 1/1/2017 </FONT>
</P>
</TD>
<TD ID="ID_762" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_761" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,056,290</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_136" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.375%, 1/1/2013 </FONT>
</P>
</TD>
<TD ID="ID_760" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_759" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,360,390</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_287" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_407" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,402,958</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1102" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">North Dakota 0.8%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_286" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Grand Forks, ND, Hospital &amp; Healthcare Revenue, Altru
Health Care System, 7.125%, 8/15/2024 </FONT>
</P>
</TD>
<TD ID="ID_758" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,400,000</FONT>
</P>
</TD>
<TD ID="ID_406" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,705,150</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1101" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ohio 2.4%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_285" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cuyahoga County, OH, Hospital Revenue, Meridia Health
Systems, Prerefunded, 6.25%, 8/15/2024 </FONT>
</P>
</TD>
<TD ID="ID_757" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,350,000</FONT>
</P>
</TD>
<TD ID="ID_756" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,465,832</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_284" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><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>
</P>
</TD>
<TD ID="ID_755" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD ID="ID_754" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,221,440</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_283" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ohio, Higher Education Revenue, University of Findlay
Project: </FONT>
</P>
</TD>
<TD ID="ID_753" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_752" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.125%, 9/1/2016 </FONT>
</P>
</TD>
<TD ID="ID_751" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_750" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,021,920</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.15%, 9/1/2011 </FONT>
</P>
</TD>
<TD ID="ID_749" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,635,000</FONT>
</P>
</TD>
<TD ID="ID_748" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,680,943</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_282" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_405" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11,390,135</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1100" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Oregon 3.3%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_281" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Oregon, Other Revenue Lease, Department of Administrative
Services: </FONT>
</P>
</TD>
<TD ID="ID_747" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_746" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_135" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 5/1/2010 (b) </FONT>
</P>
</TD>
<TD ID="ID_745" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,245,000</FONT>
</P>
</TD>
<TD ID="ID_744" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,419,504</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_134" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.6%, 5/1/2011 (b) </FONT>
</P>
</TD>
<TD ID="ID_743" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,120,000</FONT>
</P>
</TD>
<TD ID="ID_742" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,289,324</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_280" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Oregon, State General Obligation Lease, Department of
Administrative Services, Series A, Prerefunded, 6.25%,
5/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_741" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_740" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,164,360</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_279" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Oregon, State Revenue Lease, Department of Administrative
Services, Series A, Prerefunded, 6.25%, 5/1/2018 (b) </FONT>
</P>
</TD>
<TD ID="ID_739" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_738" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,164,360</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_278" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portland, OR, Special Assessment Revenue, Downtown
Waterfront: </FONT>
</P>
</TD>
<TD ID="ID_737" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_736" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_133" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.625%, 6/15/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_735" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,100,000</FONT>
</P>
</TD>
<TD ID="ID_734" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,459,414</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_132" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2018 (b) </FONT>
</P>
</TD>
<TD ID="ID_733" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,225,000</FONT>
</P>
</TD>
<TD ID="ID_732" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,499,031</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_131" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2019 (b) </FONT>
</P>
</TD>
<TD ID="ID_731" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,820,000</FONT>
</P>
</TD>
<TD ID="ID_730" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,167,311</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_277" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_404" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">16,163,304</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1099" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Pennsylvania 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_276" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><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>
</P>
</TD>
<TD ID="ID_729" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,570,000</FONT>
</P>
</TD>
<TD ID="ID_728" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,734,866</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_275" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philadelphia, PA, Gas Works Revenue, Series A-1, 5.0%,
9/1/2029 (b) </FONT>
</P>
</TD>
<TD ID="ID_727" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_726" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,028,400</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_274" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philadelphia, PA, Municipal Authority Revenue, Series B,
5.25%, 11/15/2018 (b) </FONT>
</P>
</TD>
<TD ID="ID_725" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_724" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,677,875</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_273" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_403" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,441,141</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1098" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Rhode Island 0.8%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_272" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Rhode Island, Special Assessment Revenue, Series A, 6.125%,
6/1/2032 </FONT>
</P>
</TD>
<TD ID="ID_723" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_402" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,741,200</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1097" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">South Carolina 2.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_271" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Greenwood County, SC, Hospital &amp; Healthcare Revenue,
South Carolina Memorial Hospital, 5.5%, 10/1/2031 </FONT>
</P>
</TD>
<TD ID="ID_722" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_721" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,538,070</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_270" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">South Carolina, Hospital &amp; Healthcare Revenue, Jobs
Economic Development Authority, Palmetto Health
Alliance: </FONT>
</P>
</TD>
<TD ID="ID_720" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_719" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_130" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 7.0%, 8/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_718" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,420,000</FONT>
</P>
</TD>
<TD ID="ID_717" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,031,376</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_129" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 7.375%, 12/15/2021 </FONT>
</P>
</TD>
<TD ID="ID_716" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_715" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,460,400</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_269" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">South Carolina, Tobacco Settlement Revenue Management
Authority, Series B, 6.0%, 5/15/2022 </FONT>
</P>
</TD>
<TD ID="ID_714" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_713" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,964,940</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_268" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_401" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11,994,786</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1096" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Tennessee 2.9%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_267" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Clarksville, TN, Public Building Authority Revenue, Pooled
Financing Program, 1.68%, 7/1/2031, Bank of America NA
(c) (d) </FONT>
</P>
</TD>
<TD ID="ID_712" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">500,000</FONT>
</P>
</TD>
<TD ID="ID_711" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">500,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_266" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Memphis-Shelby County, TN, Airport Revenue, AMT, Series D,
6.25%, 3/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_710" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,690,000</FONT>
</P>
</TD>
<TD ID="ID_709" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,246,140</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_265" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shelby County, TN, Health Educational &amp; Housing Facility
Board, Hospital Revenue, Methodist Health Care: </FONT>
</P>
</TD>
<TD ID="ID_708" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_707" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD ID="ID_706" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,615,000</FONT>
</P>
</TD>
<TD ID="ID_705" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,100,527</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD ID="ID_704" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD ID="ID_703" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,253,055</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_264" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_400" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">14,099,722</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1095" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Texas 19.2%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_263" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Austin, TX, Sales &amp; Special Tax Revenue, Hotel Occupancy Tax: </FONT>
</P>
</TD>
<TD ID="ID_702" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_701" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_126" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_700" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,190,000</FONT>
</P>
</TD>
<TD ID="ID_699" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,590,249</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_125" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_698" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,480,000</FONT>
</P>
</TD>
<TD ID="ID_697" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,917,471</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2016 (b) </FONT>
</P>
</TD>
<TD ID="ID_696" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,625,000</FONT>
</P>
</TD>
<TD ID="ID_695" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,080,699</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_262" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Brazos River, TX, Pollution Control Revenue, Brazos River
Authority, Texas Utilities Electric Co. Project, AMT, Series C,
5.75%, 5/1/2036 </FONT>
</P>
</TD>
<TD ID="ID_694" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,965,000</FONT>
</P>
</TD>
<TD ID="ID_693" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,287,077</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_261" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dallas-Fort Worth, TX, Airport Revenue, International
Airport, AMT, Series A, 5.875%, 11/1/2016 (b) </FONT>
</P>
</TD>
<TD ID="ID_692" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,500,000</FONT>
</P>
</TD>
<TD ID="ID_691" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,244,640</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_260" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">El Paso, TX, State General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_690" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_689" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2012 (b) </FONT>
</P>
</TD>
<TD ID="ID_688" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_687" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,082,470</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_122" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_686" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD ID="ID_685" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,699,478</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_121" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_684" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD ID="ID_683" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,802,312</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_259" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Harris County, TX, Health Facilities Development Corp.,
Hospital Revenue, Memorial Hermann Healthcare Systems,
Series A, 5.125%, 12/1/2022 </FONT>
</P>
</TD>
<TD ID="ID_682" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_681" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,014,070</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_258" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><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>
</P>
</TD>
<TD ID="ID_680" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD ID="ID_679" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,019,365</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_257" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Houston, TX, Airport Revenue, People Mover Project, AMT,
Series A, 5.5%, 7/15/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_678" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,300,000</FONT>
</P>
</TD>
<TD ID="ID_677" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,453,450</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_256" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Houston, TX, Port Authority Revenue, Airport Revenue, AMT,
Series A, 5.875%, 7/1/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_676" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,960,000</FONT>
</P>
</TD>
<TD ID="ID_675" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,354,258</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_255" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lower Neches Valley, TX, Industrial Development Revenue,
Mobil Oil Refining Corp. Project, AMT, 6.4%, 3/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_674" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17,000,000</FONT>
</P>
</TD>
<TD ID="ID_673" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17,410,210</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_254" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Red River, TX, School District Revenue Lease, St. Mark's
School Project, 6.0%, 8/15/2019 </FONT>
</P>
</TD>
<TD ID="ID_672" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,390,000</FONT>
</P>
</TD>
<TD ID="ID_671" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,942,259</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_253" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tarrant County, TX, Hospital &amp; Healthcare Revenue, Health
Facilities Development Corp., 6.7%, 11/15/2030 </FONT>
</P>
</TD>
<TD ID="ID_670" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,500,000</FONT>
</P>
</TD>
<TD ID="ID_669" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,906,665</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_252" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, Industrial Development Revenue, Waste Disposal
Authority, AMT, Series A, 6.1%, 8/1/2024 </FONT>
</P>
</TD>
<TD ID="ID_668" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_667" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,100,360</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_251" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, State General Obligation, College Student Loans, AMT,
5.0%, 8/1/2021 </FONT>
</P>
</TD>
<TD ID="ID_666" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,015,000</FONT>
</P>
</TD>
<TD ID="ID_665" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,030,337</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_250" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, State Turnpike Authority, Dallas Northway Revenue,
5.5%, 1/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_664" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,605,000</FONT>
</P>
</TD>
<TD ID="ID_663" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,923,248</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_249" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_399" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">92,858,618</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1094" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Utah 0.0%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_248" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Utah, Single Family Housing Revenue, Housing Finance
Agency, AMT, Series B2, 6.65%, 7/1/2026 </FONT>
</P>
</TD>
<TD ID="ID_662" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">45,000</FONT>
</P>
</TD>
<TD ID="ID_398" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">45,344</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1093" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Washington 5.8%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_247" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Airport Revenue, AMT, Series B, 6.0%,
2/1/2013&nbsp;(b) </FONT>
</P>
</TD>
<TD ID="ID_661" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,355,000</FONT>
</P>
</TD>
<TD ID="ID_660" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,315,269</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_246" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Special Assessment Revenue, AMT: </FONT>
</P>
</TD>
<TD ID="ID_659" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_658" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_120" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.5%, 9/1/2011 (b) </FONT>
</P>
</TD>
<TD ID="ID_657" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,085,000</FONT>
</P>
</TD>
<TD ID="ID_656" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,180,968</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_119" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 9/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_655" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,045,000</FONT>
</P>
</TD>
<TD ID="ID_654" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,148,351</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_245" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Skagit County, WA, School District General Obligation,
School District No. 1, Burlington Edison, 5.625%,
12/1/2014&nbsp;(b) </FONT>
</P>
</TD>
<TD ID="ID_653" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD ID="ID_652" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,761,571</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_244" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Snohomish County, WA, Electric Revenue, Public Utility
District No. 1, 5.375%, 12/1/2024 (b) </FONT>
</P>
</TD>
<TD ID="ID_651" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_650" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,207,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_243" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, Electric Revenue, Energy Northwest Columbia
Generating, Series B, 6.0%, 7/1/2018 (b) </FONT>
</P>
</TD>
<TD ID="ID_649" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_648" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,424,950</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_242" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, Hospital &amp; Healthcare Revenue, Group Health
Coop of Puget Sound, 5.375%, 12/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_647" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_646" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,613,400</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_241" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, State General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_645" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_644" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_118" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 7/1/2013 </FONT>
</P>
</TD>
<TD ID="ID_643" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_642" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,198,740</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_117" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 7/1/2016 </FONT>
</P>
</TD>
<TD ID="ID_641" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,835,000</FONT>
</P>
</TD>
<TD ID="ID_640" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,285,187</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_240" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_397" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">28,135,436</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1092" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">West Virginia 4.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_239" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital Finance Authority, Charleston Medical
Center: </FONT>
</P>
</TD>
<TD ID="ID_639" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_638" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD ID="ID_637" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,645,000</FONT>
</P>
</TD>
<TD ID="ID_636" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,496,743</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_88" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_635" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,605,000</FONT>
</P>
</TD>
<TD ID="ID_634" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,297,124</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_238" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital &amp; Healthcare Revenue, Hospital
Finance Authority, Charleston Medical Center: </FONT>
</P>
</TD>
<TD ID="ID_633" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_632" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_87" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD ID="ID_631" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,355,000</FONT>
</P>
</TD>
<TD ID="ID_630" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,610,541</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_86" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_629" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">395,000</FONT>
</P>
</TD>
<TD ID="ID_628" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">432,225</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_237" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Water &amp; Sewer Revenue, Water Development
Authority, Series B, 5.25%, 11/1/2023 (b) </FONT>
</P>
</TD>
<TD ID="ID_627" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,740,000</FONT>
</P>
</TD>
<TD ID="ID_626" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,940,294</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_236" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_396" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">21,776,927</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1091" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Wisconsin 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_235" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Badger, WI, Tobacco Asset Securitization Corp., 6.125%,
6/1/2027</FONT>
</P>
</TD>
<TD ID="ID_625" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,650,000</FONT>
</P>
</TD>
<TD ID="ID_624" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,613,544</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_234" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Wisconsin, Hospital &amp; Healthcare Revenue, Health &amp;
Education Facilities Authority, Aurora Health Care, Inc.,
Series A, 5.6%, 2/15/2029 </FONT>
</P>
</TD>
<TD ID="ID_623" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD ID="ID_622" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,053,580</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_233" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_395" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,667,124</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_20">
<TR>
<TD ID="ID_232" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_165" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">% of
Net&nbsp;Assets</FONT></B>
</P>
</TD>
<TD ID="ID_164" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_231" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_230" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1411" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Investment Portfolio</B> (Cost $677,469,701) (a)</FONT>
</P>
</TD>
<TD ID="ID_607" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        152.7</FONT>
</P>
</TD>
<TD ID="ID_207" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     736,442,788</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1410" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Other Assets and Liabilities, Net</B></FONT>
</P>
</TD>
<TD ID="ID_606" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2.3</FONT>
</P>
</TD>
<TD ID="ID_206" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     10,723,449</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1409" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Preferred Stock, at Redemption Value</B></FONT>
</P>
</TD>
<TD ID="ID_605" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (55.0)</FONT>
</P>
</TD>
<TD ID="ID_205" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (265,000,000)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1408" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Net Assets Applicable to Common Shareholders </B></FONT>
</P>
</TD>
<TD ID="ID_604" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        100.0</FONT>
</P>
</TD>
<TD ID="ID_204" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     482,166,237</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.20" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(a)   The cost for federal income tax purposes was $677,272,967. At November 30, 2004, net
unrealized appreciation for all securities based on tax cost was $59,169,821. This consisted of
aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $61,440,629 and aggregate gross unrealized depreciation for all securities in
which there was an excess of tax cost over value of $2,270,808.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(b)  Bond is insured by one of these companies:</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_7">
<TR>
<TD ID="ID_162" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Insurance Coverage</FONT></B>
</P>
</TD>
<TD ID="ID_163" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">As a % of Total
Investment Portfolio</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1263" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AMBAC</FONT>
</P>
</TD>
<TD ID="ID_1262" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AMBAC Assurance Corp.</FONT>
</P>
</TD>
<TD ID="ID_621" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16.1</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1261" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">FGIC</FONT>
</P>
</TD>
<TD ID="ID_1260" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Guaranty Insurance Company</FONT>
</P>
</TD>
<TD ID="ID_620" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11.8</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1259" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">FSA</FONT>
</P>
</TD>
<TD ID="ID_1258" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Security Assurance</FONT>
</P>
</TD>
<TD ID="ID_619" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16.3</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1257" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">MBIA</FONT>
</P>
</TD>
<TD ID="ID_1256" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Municipal Bond Investors Assurance</FONT>
</P>
</TD>
<TD ID="ID_618" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15.9</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(c)  Variable rate demand notes are securities whose interest rates are reset periodically at market
levels. These securities are often payable on demand and are shown at their current rates as of
November 30, 2004.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(d)  Security incorporates a letter of credit from a major bank.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">AMT: Subject to alternative minimum tax</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">ETM: Bonds bearing the description ETM (escrowed to maturity) are collateralized by US Treasury
securities which are held in escrow 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 US 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>
<P ALIGN="LEFT">
</P>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_40">
<TR>
<TD ID="ID_1447" 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 ID="ID_1360" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_17">
<TR>
<TD ID="ID_1333" 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 November 30, 2004</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1090" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Assets</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1255" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments in securities, at value (cost $677,469,701)</FONT>
</P>
</TD>
<TD ID="ID_603" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       736,442,788</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1254" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Receivable for investments sold</FONT>
</P>
</TD>
<TD ID="ID_602" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        45,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1253" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest receivable</FONT>
</P>
</TD>
<TD ID="ID_601" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12,673,750</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1252" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other assets</FONT>
</P>
</TD>
<TD ID="ID_600" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,467</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1251" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total assets</FONT>
</P>
</TD>
<TD ID="ID_599" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        749,200,005</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1089" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Liabilities</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1250" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Due to custodian bank</FONT>
</P>
</TD>
<TD ID="ID_598" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        35,010</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1249" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Payable for investments purchased</FONT>
</P>
</TD>
<TD ID="ID_597" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,029,249</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1248" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends payable</FONT>
</P>
</TD>
<TD ID="ID_596" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        179,021</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1247" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accrued management fee</FONT>
</P>
</TD>
<TD ID="ID_595" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        342,655</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1246" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other accrued expenses and payables</FONT>
</P>
</TD>
<TD ID="ID_594" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        447,833</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1245" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total liabilities</FONT>
</P>
</TD>
<TD ID="ID_593" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,033,768</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1407" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares, at redemption value</FONT></B>
</P>
</TD>
<TD ID="ID_203" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     265,000,000</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1406" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
</P>
</TD>
<TD ID="ID_202" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    482,166,237</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1088" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1244" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders consist of:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed net investment income</FONT>
</P>
</TD>
<TD ID="ID_592" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,224,233</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1242" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD ID="ID_591" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        58,973,087</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1241" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accumulated net realized gain (loss)</FONT>
</P>
</TD>
<TD ID="ID_590" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (7,375,738)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1240" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paid-in capital</FONT>
</P>
</TD>
<TD ID="ID_589" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        426,344,655</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1405" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
</P>
</TD>
<TD ID="ID_201" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    482,166,237</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1087" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Net Asset Value</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1404" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Net Asset Value</B> per common share ($482,166,237&nbsp;&divide;&nbsp;38,832,628
outstanding shares of beneficial interest, $.01&nbsp;par value, unlimited
number of shares authorized)</FONT>
</P>
</TD>
<TD ID="ID_200" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.21" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_14">
<TR>
<TD ID="ID_1446" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1359" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_16">
<TR>
<TD ID="ID_1331" 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 year ended November 30, 2004 </FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1086" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Investment Income</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1238" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest</FONT>
</P>
</TD>
<TD ID="ID_588" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       39,807,166</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1236" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expenses:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Management fee</FONT>
</P>
</TD>
<TD ID="ID_587" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,126,908</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1234" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Services to shareholders</FONT>
</P>
</TD>
<TD ID="ID_586" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        73,649</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1233" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Custodian fees</FONT>
</P>
</TD>
<TD ID="ID_585" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        31,554</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1232" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Auditing</FONT>
</P>
</TD>
<TD ID="ID_584" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        49,495</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1231" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Legal</FONT>
</P>
</TD>
<TD ID="ID_583" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25,015</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1230" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustees' fees and expenses</FONT>
</P>
</TD>
<TD ID="ID_582" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        32,833</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1229" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Reports to shareholders</FONT>
</P>
</TD>
<TD ID="ID_581" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        49,195</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1228" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Remarketing agent fee</FONT>
</P>
</TD>
<TD ID="ID_580" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        658,225</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1227" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Stock exchange listing fees</FONT>
</P>
</TD>
<TD ID="ID_579" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        30,697</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1226" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other</FONT>
</P>
</TD>
<TD ID="ID_578" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        46,731</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1225" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses, before expense reductions</FONT>
</P>
</TD>
<TD ID="ID_577" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,124,302</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1224" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expense reductions</FONT>
</P>
</TD>
<TD ID="ID_576" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (4,248)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1223" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses, after expense reductions</FONT>
</P>
</TD>
<TD ID="ID_575" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,120,054</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1403" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net investment income </FONT></B>
</P>
</TD>
<TD ID="ID_199" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     34,687,112</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1085" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Realized and Unrealized Gain (Loss) on Investment Transactions</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1222" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) from investments</FONT>
</P>
</TD>
<TD ID="ID_574" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,351,025</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1221" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the period on
investments</FONT>
</P>
</TD>
<TD ID="ID_573" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (10,049,752)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1402" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net gain (loss) on investment transactions</FONT></B>
</P>
</TD>
<TD ID="ID_198" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (6,698,727)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1401" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT></B>
</P>
</TD>
<TD ID="ID_197" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (3,295,705)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1400" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from operations</FONT></B>
</P>
</TD>
<TD ID="ID_196" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    24,692,680</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.22" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_13">
<TR>
<TD ID="ID_1445" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1358" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_15">
<TR>
<TD ID="ID_1318" 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 ID="ID_1084" ALIGN="LEFT" VALIGN="BOTTOM" ROWSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Increase (Decrease) in Net Assets</FONT></B>
</P>
</TD>
<TD ID="ID_1424" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30,</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1423" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD ID="ID_1422" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1220" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Operations:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income </FONT>
</P>
</TD>
<TD ID="ID_572" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       34,687,112</FONT>
</P>
</TD>
<TD ID="ID_571" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       35,554,384</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1218" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) on investment transactions</FONT>
</P>
</TD>
<TD ID="ID_570" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,351,025</FONT>
</P>
</TD>
<TD ID="ID_569" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (1,562,075)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1217" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on
investment transactions during the period</FONT>
</P>
</TD>
<TD ID="ID_568" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (10,049,752)</FONT>
</P>
</TD>
<TD ID="ID_567" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        15,500,754</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1216" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT>
</P>
</TD>
<TD ID="ID_566" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (3,295,705)</FONT>
</P>
</TD>
<TD ID="ID_565" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (2,886,268)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1215" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from
operations</FONT>
</P>
</TD>
<TD ID="ID_564" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        24,692,680</FONT>
</P>
</TD>
<TD ID="ID_563" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        46,606,795</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1214" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions to common shareholders from:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income</FONT>
</P>
</TD>
<TD ID="ID_562" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (31,454,429)</FONT>
</P>
</TD>
<TD ID="ID_561" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (30,568,443)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1212" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gains</FONT>
</P>
</TD>
<TD ID="ID_560" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD ID="ID_559" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (194,163)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1399" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Increase (decrease) in net assets</FONT></B>
</P>
</TD>
<TD ID="ID_558" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,761,749)</FONT>
</P>
</TD>
<TD ID="ID_557" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        15,844,189</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1211" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at beginning of period</FONT>
</P>
</TD>
<TD ID="ID_556" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        488,927,986</FONT>
</P>
</TD>
<TD ID="ID_555" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        473,083,797</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1210" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at end of period (including undistributed
net investment income of $4,224,233 and $4,141,544,
respectively)</FONT>
</P>
</TD>
<TD ID="ID_195" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    482,166,237</FONT></B>
</P>
</TD>
<TD ID="ID_194" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    488,927,986</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1083" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Other Information</FONT></B>
</P>
</TD>
<TD ID="ID_1421" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1420" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1209" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common shares outstanding at beginning of period</FONT>
</P>
</TD>
<TD ID="ID_554" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
<TD ID="ID_553" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1208" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common shares outstanding at end of period</FONT>
</P>
</TD>
<TD ID="ID_552" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
<TD ID="ID_551" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.23" ALIGN="LEFT">
</P>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_39">
<TR>
<TD ID="ID_1444" 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 ID="ID_1357" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_19">
<TR>
<TD ID="ID_1317" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="MIDDLE">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Years Ended November&nbsp;30,</FONT></B>
</P>
</TD>
<TD ID="ID_217" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2004</FONT></B>
</P>
</TD>
<TD ID="ID_216" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2003</FONT></B>
</P>
</TD>
<TD ID="ID_215" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_214" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2001<SUP>b</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_213" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2000<SUP>b</SUP></FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1082" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Selected Per Share Data</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1398" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, beginning of period</FONT></B>
</P>
</TD>
<TD ID="ID_193" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD ID="ID_192" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD ID="ID_191" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
<TD ID="ID_190" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.30</FONT></B>
</P>
</TD>
<TD ID="ID_189" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.03</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1341" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Income (loss) from investment operations:</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income<SUP>c</SUP></FONT>
</P>
</TD>
<TD ID="ID_550" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .89</FONT>
</P>
</TD>
<TD ID="ID_549" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .92</FONT>
</P>
</TD>
<TD ID="ID_548" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
<TD ID="ID_547" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
<TD ID="ID_546" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .93</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1340" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized and unrealized gain (loss)
on investment transactions</FONT>
</P>
</TD>
<TD ID="ID_545" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.16)</FONT>
</P>
</TD>
<TD ID="ID_544" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .36</FONT>
</P>
</TD>
<TD ID="ID_543" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .22</FONT>
</P>
</TD>
<TD ID="ID_542" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .59</FONT>
</P>
</TD>
<TD ID="ID_541" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .42</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1339" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares
(common share equivalent):</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">From net investment income</FONT>
</P>
</TD>
<TD ID="ID_540" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.09)</FONT>
</P>
</TD>
<TD ID="ID_539" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.07)</FONT>
</P>
</TD>
<TD ID="ID_538" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.10)</FONT>
</P>
</TD>
<TD ID="ID_537" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.21)</FONT>
</P>
</TD>
<TD ID="ID_536" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.28)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_173" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total from investment operations</FONT></B>
</P>
</TD>
<TD ID="ID_535" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .64</FONT>
</P>
</TD>
<TD ID="ID_534" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.21</FONT>
</P>
</TD>
<TD ID="ID_533" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.03</FONT>
</P>
</TD>
<TD ID="ID_532" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.29</FONT>
</P>
</TD>
<TD ID="ID_531" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1338" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Less distributions from:</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income to common
shareholders</FONT>
</P>
</TD>
<TD ID="ID_530" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD ID="ID_529" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.79)</FONT>
</P>
</TD>
<TD ID="ID_528" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
<TD ID="ID_527" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
<TD ID="ID_526" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.80)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1337" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gains on investment
transactions to common shareholders</FONT>
</P>
</TD>
<TD ID="ID_525" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD ID="ID_524" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.01)</FONT>
</P>
</TD>
<TD ID="ID_523" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD ID="ID_522" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD ID="ID_521" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_172" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total distributions</FONT></B>
</P>
</TD>
<TD ID="ID_188" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.81)</FONT></B>
</P>
</TD>
<TD ID="ID_187" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.80)</FONT></B>
</P>
</TD>
<TD ID="ID_186" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.72)</FONT></B>
</P>
</TD>
<TD ID="ID_185" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.72)</FONT></B>
</P>
</TD>
<TD ID="ID_184" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.80)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1397" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, end of period</FONT></B>
</P>
</TD>
<TD ID="ID_183" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD ID="ID_182" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD ID="ID_181" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD ID="ID_180" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
<TD ID="ID_179" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.30</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1396" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Market value, end of period</FONT></B>
</P>
</TD>
<TD ID="ID_178" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.03</FONT></B>
</P>
</TD>
<TD ID="ID_177" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.96</FONT></B>
</P>
</TD>
<TD ID="ID_176" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.06</FONT></B>
</P>
</TD>
<TD ID="ID_175" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.37</FONT></B>
</P>
</TD>
<TD ID="ID_174" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    10.25</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1081" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Total Return </FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1207" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on net asset value (%)<SUP>d</SUP></FONT>
</P>
</TD>
<TD ID="ID_520" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.50</FONT>
</P>
</TD>
<TD ID="ID_519" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.53</FONT>
</P>
</TD>
<TD ID="ID_518" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9.36</FONT>
</P>
</TD>
<TD ID="ID_517" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        11.93</FONT>
</P>
</TD>
<TD ID="ID_516" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.40</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1206" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on market value (%)<SUP>d</SUP></FONT>
</P>
</TD>
<TD ID="ID_515" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.57</FONT>
</P>
</TD>
<TD ID="ID_514" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        15.63</FONT>
</P>
</TD>
<TD ID="ID_513" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3.76</FONT>
</P>
</TD>
<TD ID="ID_512" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        18.10</FONT>
</P>
</TD>
<TD ID="ID_511" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.11</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_12">
<TR>
<TD ID="ID_1443" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1356" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_18">
<TR>
<TD ID="ID_1330" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="MIDDLE">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Years Ended November&nbsp;30,
</FONT></B><FONT SIZE="-2" COLOR="#ffffff">(continued)</FONT>
</P>
</TD>
<TD ID="ID_212" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2004</FONT></B>
</P>
</TD>
<TD ID="ID_211" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2003</FONT></B>
</P>
</TD>
<TD ID="ID_210" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_209" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2001<SUP>b</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_208" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2000<SUP>b</SUP></FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1080" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ratios to Average Net Assets and Supplemental Data</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1205" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets, end of period ($&nbsp;millions)</FONT>
</P>
</TD>
<TD ID="ID_510" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482</FONT>
</P>
</TD>
<TD ID="ID_509" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        489</FONT>
</P>
</TD>
<TD ID="ID_508" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        473</FONT>
</P>
</TD>
<TD ID="ID_507" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        461</FONT>
</P>
</TD>
<TD ID="ID_506" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        439</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1204" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses (%) (based on net assets
of common shares) &nbsp;</FONT>
</P>
</TD>
<TD ID="ID_505" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.06</FONT>
</P>
</TD>
<TD ID="ID_504" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.05</FONT>
</P>
</TD>
<TD ID="ID_503" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
<TD ID="ID_502" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.09</FONT>
</P>
</TD>
<TD ID="ID_501" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.24</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1203" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses &nbsp;(%) (based on net assets
of common and remarketed preferred
shares) </FONT>
</P>
</TD>
<TD ID="ID_500" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD ID="ID_499" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD ID="ID_498" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
<TD ID="ID_497" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
<TD ID="ID_496" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .77</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1202" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of net investment income &nbsp;(%) (based
on net assets of common shares)</FONT>
</P>
</TD>
<TD ID="ID_495" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.15</FONT>
</P>
</TD>
<TD ID="ID_494" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.35</FONT>
</P>
</TD>
<TD ID="ID_493" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.51</FONT>
</P>
</TD>
<TD ID="ID_492" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.72</FONT>
</P>
</TD>
<TD ID="ID_491" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        8.48</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1201" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of net investment income &nbsp;(%) (based
on net assets of common and remarketed
preferred shares) </FONT>
</P>
</TD>
<TD ID="ID_490" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.62</FONT>
</P>
</TD>
<TD ID="ID_489" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.75</FONT>
</P>
</TD>
<TD ID="ID_488" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.80</FONT>
</P>
</TD>
<TD ID="ID_487" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.90</FONT>
</P>
</TD>
<TD ID="ID_486" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.23</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1200" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portfolio turnover rate&nbsp;(%)</FONT>
</P>
</TD>
<TD ID="ID_485" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25</FONT>
</P>
</TD>
<TD ID="ID_484" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD ID="ID_483" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD ID="ID_482" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10</FONT>
</P>
</TD>
<TD ID="ID_481" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1336" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares information
at end of period:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Aggregate amount outstanding
($&nbsp;millions)</FONT>
</P>
</TD>
<TD ID="ID_480" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_479" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_478" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_477" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_476" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_116" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Asset coverage per share ($)<SUP>*</SUP></FONT>
</P>
</TD>
<TD ID="ID_475" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,097</FONT>
</P>
</TD>
<TD ID="ID_474" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,225</FONT>
</P>
</TD>
<TD ID="ID_473" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,900</FONT>
</P>
</TD>
<TD ID="ID_472" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,700</FONT>
</P>
</TD>
<TD ID="ID_471" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,300</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_115" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Liquidation and market value per share ($)</FONT>
</P>
</TD>
<TD ID="ID_470" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_469" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_468" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_467" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_466" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_456" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>a</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 accreting market discount on debt
securities. The effect of this change for the year ended November 30, 2002 was to increase net
investment income by an amount less than $.005 and 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&nbsp;1, 2001 have not been restated to reflect this change in presentation.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>b</SUP> In 2001 the Fund changed its method of classifying remarketed preferred shares.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>c</SUP> Based on average common shares outstanding during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><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>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    Asset coverage per share equals net assets of common shares plus the redemption value of the
remarketed preferred shares divided by the total number of remarketed preferred shares
outstanding at the end of the period.</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_38">
<TR>
<TD ID="ID_1442" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="notes" ID="notes"></A>Notes to Financial Statements    </FONT><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1355" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.26" ALIGN="LEFT"><IMG SRC="mittoin2.gif" ALT="mit_top_margin2"><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. If the pricing services are unable to provide valuations, the
securities are valued at the most recent bid quotation or evaluated price, as applicable,
obtained from a broker-dealer. 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. Investments in open-end
investment companies are valued at their net asset value each business day.</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, 2004, the Fund had a net tax basis capital loss carryforward of
approximately $7,300,000 which may be applied against any realized net taxable
capital gains of each succeeding year until fully utilized or until November 30, 2007
($2,400,000), November 30, 2008 ($3,600,000) and November&nbsp;30, 2011
($1,300,000), the respective expiration dates, whichever occurs first.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Distribution of Income and Gains.</FONT></B> Net investment income of the Fund is declared
and distributed to shareholders monthly. Net realized gains from investment
transactions, in excess of available capital loss carryforwards, would be taxable to the
Fund if not distributed, and, therefore, will be distributed to shareholders at least
annually.</FONT>
</P>
<P ID="mit.html.27" ALIGN="LEFT"><FONT COLOR="#000000">The timing and characterization of certain income and capital gains distributions are
determined annually in accordance with federal tax regulations which may differ
from accounting principles generally accepted in the United States of America. As a
result, net investment income (loss) and net realized gain (loss) on investment
transactions for a reporting period may differ significantly from distributions during
such period. Accordingly, the Fund may periodically make reclassifications among
certain of its capital accounts without impacting the net asset value of the Fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">At November 30, 2004, the Fund's components of distributable earnings
(accumulated losses) on a tax-basis were as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_6">
<TR>
<TD ID="ID_1198" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed ordinary income<SUP>*</SUP></FONT>
</P>
</TD>
<TD ID="ID_465" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       &#151;</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1197" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed tax-exempt income</FONT>
</P>
</TD>
<TD ID="ID_464" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       4,443,249</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1196" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed long-term capital gains</FONT>
</P>
</TD>
<TD ID="ID_463" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       &#151;</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1195" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Capital loss carryforwards</FONT>
</P>
</TD>
<TD ID="ID_462" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       (7,300,000)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1194" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD ID="ID_461" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       59,169,821</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">In addition, the tax character of distributions paid to shareholders by the Fund is
summarized as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_5">
<TR>
<TD ID="ID_1419" ALIGN="JUSTIFY" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1418" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30,</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1417" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1416" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD ID="ID_1415" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1193" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions from ordinary income<SUP>*</SUP></FONT>
</P>
</TD>
<TD ID="ID_460" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       239,756</FONT>
</P>
</TD>
<TD ID="ID_459" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       218,596</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1192" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions from tax-exempt income</FONT>
</P>
</TD>
<TD ID="ID_458" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        34,510,378</FONT>
</P>
</TD>
<TD ID="ID_457" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        33,430,278</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    For tax purposes, short-term capital gains distributions are considered ordinary taxable income
distributions.</FONT></I>
</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&nbsp;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 remarketing agent will pay each
broker-dealer a service charge from funds provided by the Fund (remarketing agent
fee). The 1940 Act requires that the preferred shareholders of the Fund, voting as a
separate class, have the right to: a)&nbsp;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 ID="mit.html.28" ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other. </FONT></B>Investment transactions are accounted for on a trade date plus one basis for
daily net asset value calculations. However, for financial reporting purposes,
investment security transactions are reported on 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, with the exception of securities
in default of principal.</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 year ended November 30, 2004, purchases and sales of investment
securities (excluding short-term investments) aggregated $178,437,132 and
$182,771,225, respectively.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">C. Related Parties</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Management Agreement.</FONT></B> Under the Management Agreement with Deutsche
Investment Management Americas Inc. (&quot;DeIM&quot; or the &quot;Advisor&quot;), an indirect,
wholly owned subsidiary of Deutsche Bank AG, 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, of common shares plus the value of remarketed preferred shares, at redemption
value, 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. Pursuant to a sub-transfer agency agreement between SISC and DST Systems,
Inc. (&quot;DST&quot;), SISC has delegated certain transfer agent and dividend paying agent
functions to DST. SISC compensates DST out of the shareholder servicing fee it
receives from the Fund. For the year ended November 30, 2004, the amount
charged&nbsp;to the Fund by SISC aggregated $30,981, of which $14,440 is unpaid at
November&nbsp;30, 2004.</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 ID="mit.html.29" ALIGN="LEFT"><B><FONT COLOR="#000000">D. Expense Reductions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">For the year ended November 30, 2004, the Advisor agreed to reimburse the Fund
$3,326, which represents a portion of the fee savings expected to be realized by the
Advisor related to the outsourcing by the Advisor of certain administrative services to
an unaffiliated service provider.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In addition, the Fund has entered into an arrangement with its custodian whereby
credits realized as a result of uninvested cash balances are used to reduce a portion of
the Fund's custodian expenses. During the year ended November 30, 2004, the
Fund's custodian fees were reduced by $922 for custody credits earned.</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
$1.25&nbsp;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, based upon net assets, among each of the
Participants. Interest is calculated at the Federal Funds Rate plus 0.5&nbsp;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. Regulatory Matters and Litigation</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Since at least July 2003, federal, state and industry regulators have been conducting
ongoing inquiries and investigations (&quot;inquiries&quot;) into the mutual fund industry, and
have requested information from numerous mutual fund companies, including
Scudder Investments. It is not possible to determine what the outcome of these
inquiries will be or what the effect, if any, would be on the funds or their advisors.
Publicity about mutual fund practices arising from these industry-wide inquiries
serves as the general basis of a number of private lawsuits against the Scudder funds.
These lawsuits, which previously have been reported in the press, involve purported
class action and derivative lawsuits, making various allegations and naming as
defendants various persons, including certain Scudder funds, the funds' investment
advisors and their affiliates, certain individuals, including in some cases fund
Trustees/Directors, officers, and other parties. Each Scudder fund's investment
advisor has agreed to indemnify the applicable Scudder funds in connection with
these lawsuits, or other lawsuits or regulatory actions that may be filed making
allegations similar to these lawsuits regarding market timing, revenue sharing, fund
valuation or other subjects arising from or related to the pending inquiries. Based on
currently available information, the funds' investment advisors believe the likelihood
that the pending lawsuits will have a material adverse financial impact on a Scudder
fund is remote and such actions are not likely to materially affect their ability to
perform under their investment management agreements with the Scudder funds.</FONT>
</P>
<P ID="mit.html.30" ALIGN="LEFT"><FONT COLOR="#000000">In connection with litigation or regulatory action related to possible improper market
timing or other improper trading activity or possible improper marketing and sales
activity in the Fund, the Fund's investment advisor has agreed, subject to applicable
law and regulation, to indemnify and hold harmless the applicable Funds against any
and all loss, damage, liability and expense, arising from market timing or marketing
and sales matters alleged in any enforcement actions brought by governmental
authorities involving or potentially affecting the Fund or the investment advisor
(&quot;Enforcement Actions&quot;) or that are the basis for private actions brought by
shareholders of the Fund against the Fund, their directors and officers, the Fund's
investment advisor and/or certain other parties (&quot;Private Litigation&quot;), or any
proceedings or actions that may be threatened or commenced in the future by any
person (including governmental authorities), arising from or similar to the matters
alleged in the Enforcement Actions or Private Litigation. In recognition of its
undertaking to indemnify the applicable Funds and in light of the rebuttable
presumption generally afforded to independent directors/trustees of investment
companies that they have not engaged in disabling conduct, the Fund's investment
advisor has also agreed, subject to applicable law and regulation, to indemnify the
applicable Funds' Independent Trustees against certain liabilities the Independent
Trustees may incur from the matters alleged in any Enforcement Actions or Private
Litigation or arising from or similar to the matters alleged in the Enforcement
Actions or Private Litigation, and advance expenses that may be incurred by the
Independent Trustees in connection with any Enforcement Actions or Private
Litigation. The applicable investment advisor is not, however, required to provide
indemnification and advancement of expenses: (1) with respect to any proceeding or
action with respect to which the applicable Fund's Board determines that the
Independent Trustee ultimately would not be entitled to indemnification or (2) for
any liability of the Independent Trustee to the Fund or their shareholders to which
the Independent Trustee would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of the Independent Trustee's duties as
a director or trustee of the Fund as determined in a final adjudication in such action
or proceeding. The estimated amount of any expenses that may be advanced to the
Independent Trustees or indemnity that may be payable under the indemnity
agreements is currently unknown. These agreements by the Fund's investment
advisor will survive the termination of the investment management agreements
between the applicable investment advisor and the Fund.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_37">
<TR>
<TD ID="ID_1441" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="ria" ID="ria"></A>Report of Independent Registered
Public&nbsp;Accounting Firm</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1354" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.31" ALIGN="LEFT"><B><FONT COLOR="#000000">To the Board of Trustees and Shareholders of Scudder Municipal
Income Trust:</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We have audited the accompanying statement of assets and liabilities, including the
investment portfolio, of Scudder Municipal Income Trust (the &quot;Fund&quot;), as of
November 30, 2004, and the related statement of operations for the year then ended,
the statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of November 30, 2004, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In our opinion, the financial statements and financial highlights referred to above
present fairly, in all material respects, the financial position of the Scudder Municipal
Income Trust at November 30, 2004, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_4">
<TR>
<TD ID="ID_451" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">Boston, Massachusetts<BR>
January 24, 2005</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<IMG SRC="mit_eny0.gif" ALT="mit_eny0"></TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_36">
<TR>
<TD ID="ID_1440" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="tax" ID="tax"></A>Tax Information      </FONT><B><FONT SIZE="-1" COLOR="#3d0000">(Unaudited)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1353" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.32" ALIGN="LEFT"><FONT COLOR="#000000">Of the dividends paid from net investment income for the taxable year ended
November 30, 2004, 100% are designated as exempt interest dividends for
federal income tax purposes.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Please contact a tax advisor if you have questions about federal or state income
tax laws, or on how to prepare your tax returns. If you have specific questions
about your account, please call 1-800-294-4366.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_35">
<TR>
<TD ID="ID_1439" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="drip" ID="drip"></A>Dividend Reinvestment&nbsp;Plan</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1352" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.33" ALIGN="LEFT"><IMG SRC="mittoin1.gif" ALT="mit_top_margin1"><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
(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 E 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 UMB Bank, N.A.
(&quot;United Missouri Bank&quot; or &quot;UMB&quot;) 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 (the ``Transfer
Agent'') will establish a Dividend Investment Account (the ``Account'') for each
shareholder participating in the Plan. The Transfer 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; and (b) cash
dividends and capital gains distributions paid on Shares registered in the name of the
Transfer Agent but credited to the participant's Account. Sources described in clauses
(a) and (b) of the preceding sentence are hereinafter called ``Distributions.''</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 the Transfer Agent in the aggregate amount of
the funds credited to the participants' accounts.</FONT>
</P>
<P ID="mit.html.34" ALIGN="LEFT"><B><FONT COLOR="#000000">D. Voluntary Cash Contributions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">A participant may from time to time make voluntary cash contributions to his
Account by sending to Transfer Agent a check or money order, payable to Transfer
Agent, in a minimum amount of $100 with appropriate accompanying instructions.
(No more than $500 may be contributed per month.) Transfer Agent will inform
UMB of the total funds available for the purchase of Shares and UMB will use the
funds to purchase additional Shares for the participant's Account the earlier of: (a)
when it next purchases Shares as a result of a Distribution or (b) on or shortly after
the first day of each month and in no event more than 30 days after such date except
when temporary curtailment or suspension of purchases is necessary to comply with
applicable provisions of federal securities laws. Cash contributions received more than
fifteen calendar days or less than five calendar days prior to a Payment Date will be
returned uninvested. Interest will not be paid on any uninvested cash contributions.
Participants making voluntary cash investments will be charged a $.75 service fee for
each such investment and will be responsible for their pro rata share of brokerage
commissions.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">E. Additional Information</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Address all notices, correspondence, questions, or other communication regarding
the Plan, or if you would like a copy of the Plan, to:</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Scudder Investments Service Company</FONT></B><BR>
P.O. Box 219066<BR>
Kansas City, Missouri 64121-9066<BR>
1-800-294-4366</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">F. 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">G. 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 H 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 the Transfer Agent has received or UMB has purchased Shares. The
Transfer 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 ID="mit.html.35" ALIGN="LEFT"><B><FONT COLOR="#000000">H. 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">I. Service Charges</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">There is no service charge by the Transfer Agent or UMB to shareholders who
participate in the Plan other than service charges specified in Paragraphs D and M
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">J. Transfer of Shares Held by Agent</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Transfer 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 the Transfer Agent. Upon request to
the Transfer 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">K. 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">L. 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, except
when such amendment is necessary or appropriate to comply with applicable law or
the rules or policies of the Securities and Exchange Commission or any other
regulatory authority, in which case such amendment shall be effective as soon as
practicable. The amendment shall be deemed to be accepted by each participant
unless, prior to the effective date thereof, the Transfer Agent receives notice of the
termination of such participant's account under the Plan in accordance with the
terms hereof. The Plan may be terminated by the Fund.</FONT>
</P>
<P ID="mit.html.36" ALIGN="LEFT"><B><FONT COLOR="#000000">M. Withdrawal from Plan</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Shareholders may withdraw from the Plan at any time by giving the Transfer Agent a
written notice. If the proceeds are $100,000 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 Transfer Agent provided the notice is received by the Transfer 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 L 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, the Transfer 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">N. 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 returns. 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">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_34">
<TR>
<TD ID="ID_1438" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="officers" ID="officers"></A>Trustees and Officers</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1351" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.37" ALIGN="LEFT"><IMG SRC="mittoin0.gif" ALT="mit_top_margin0"><FONT COLOR="#000000">The following table presents certain information regarding the Trustees and Officers
of the fund as of November 30, 2004. Each individual's year of birth is set forth in
parentheses after his or her name. Unless otherwise noted, (i) each individual has
engaged in the principal occupation(s) noted in the table for at least the most recent
five years, although not necessarily in the same capacity, and (ii) the address of each
individual is c/o Deutsche Asset Management, 222 South Riverside Plaza, Chicago,
Illinois 60606. Each Trustee's term of office extends until the next shareholders'
meeting called for the purpose of electing Trustees and until the election and
qualification of a successor, or until such Trustee sooner dies, retires, resigns or is
removed as provided in the governing documents of the fund.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_3">
<TR>
<TD ID="ID_1315" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Independent Trustees</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1395" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Name, Year of
Birth, Position(s)
Held with the
Fund and Length
of Time Served<SUP>1</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_1394" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Principal Occupation(s) During&nbsp;Past 5 Years and <BR>
Other Directorships Held</FONT></B>
</P>
</TD>
<TD ID="ID_1393" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Number
of Funds
in Fund
Complex
Overseen</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1191" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shirley D.
Peterson (1941)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chairman,
2004-present</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1995-present</FONT>
</P>
</TD>
<TD ID="ID_1188" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, President, Hood College (1995-2000); prior
thereto, Partner, Steptoe &amp; Johnson (law firm); Commissioner,
Internal Revenue Service; Assistant Attorney General (Tax),
US&nbsp;Department of Justice. Directorships: Federal Mogul Corp.
(supplier of automotive components and subsystems); AK
Steel&nbsp;(steel production); Goodyear Tire &amp; Rubber Co. (April
2004-present); Champion Enterprises, Inc.; Trustee, Bryn Mawr
College. Former Directorship: Bethlehem Steel Corp.</FONT>
</P>
</TD>
<TD ID="ID_1313" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1187" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John W.
Ballantine (1946)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1999-present</FONT>
</P>
</TD>
<TD ID="ID_1185" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Executive Vice President and Chief Risk
Management Officer, First Chicago NBD Corporation/The First
National Bank of Chicago (1996-1998); Executive Vice President
and Head of International Banking (1995-1996). Directorships:
First Oak Brook Bancshares, Inc.; Oak Brook Bank; American
Healthways, Inc. (provider of disease and care management
services); Portland General Electric (utility company)</FONT>
</P>
</TD>
<TD ID="ID_1312" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1184" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lewis A.
Burnham (1933)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1977-present</FONT>
</P>
</TD>
<TD ID="ID_1182" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Director of Management Consulting,
McNulty &amp; Company (1990-1998); prior thereto, Executive Vice
President, Anchor Glass Container Corporation</FONT>
</P>
</TD>
<TD ID="ID_1311" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1181" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Donald L.
Dunaway (1937)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1980-present</FONT>
</P>
</TD>
<TD ID="ID_1179" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Executive Vice President, A.O. Smith
Corporation (diversified manufacturer) (1963-1994)</FONT>
</P>
</TD>
<TD ID="ID_1310" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1178" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">James R. Edgar
(1946)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1999-present</FONT>
</P>
</TD>
<TD ID="ID_1176" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distinguished Fellow, University of Illinois, Institute of
Government and Public Affairs (1999-present); formerly,
Governor, State of Illinois (1991-1999). Directorships: Kemper
Insurance Companies; John B. Sanfilippo &amp; Son, Inc.
(processor/packager/marketer of nuts, snacks and candy
products); Horizon Group Properties, Inc.; Youbet.com (online
wagering platform); Alberto-Culver Company (manufactures,
distributes and markets health and beauty care products)</FONT>
</P>
</TD>
<TD ID="ID_1309" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1175" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul K. Freeman
(1950)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
2002-present</FONT>
</P>
</TD>
<TD ID="ID_1173" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President, Cook Street Holdings (consulting); Senior Visiting
Research Scholar, Graduate School of International Studies,
University of Denver; Consultant, World Bank/Inter-American
Development Bank; formerly, Project Leader, International
Institute for Applied Systems Analysis (1998-2001); Chief
Executive Officer, The Eric Group, Inc. (environmental
insurance) (1986-1998)</FONT>
</P>
</TD>
<TD ID="ID_1308" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1172" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert B.
Hoffman (1936)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1981-present</FONT>
</P>
</TD>
<TD ID="ID_1170" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Chairman, Harnischfeger Industries, Inc.
(machinery for the mining and paper industries) (1999-2000);
prior thereto, Vice Chairman and Chief Financial Officer,
Monsanto Company (agricultural, pharmaceutical and
nutritional/food products) (1994-1999). Directorships: RCP
Advisors, LLC (a private equity investment advisory firm)</FONT>
</P>
</TD>
<TD ID="ID_1307" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1169" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John G. Weithers
(1933)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1993-present</FONT>
</P>
</TD>
<TD ID="ID_1167" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Chairman of the Board and Chief Executive
Officer, Chicago Stock Exchange. Directorships: Federal Life
Insurance Company; Chairman of the Members of the
Corporation and Trustee, DePaul University; formerly,
International Federation of Stock Exchanges; Records
Management Systems</FONT>
</P>
</TD>
<TD ID="ID_1306" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_2">
<TR>
<TD ID="ID_1314" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Interested Trustee and Officers<SUP>2</SUP></FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1392" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Name, Year of
Birth, Position(s)
Held with the
Fund and Length
of Time Served<SUP>1</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_1391" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Principal Occupation(s) During&nbsp;Past 5 Years and <BR>
Other Directorships Held</FONT></B>
</P>
</TD>
<TD ID="ID_1390" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Number
of Funds
in Fund
Complex
Overseen</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1166" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">William N.
Shiebler<SUP>3</SUP> (1942)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
2004-present</FONT>
</P>
</TD>
<TD ID="ID_1164" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chief Executive Officer in the Americas for Deutsche Asset
Management (&quot;DeAM&quot;) and a member of the DeAM Global
Executive Committee (since 2002); Vice Chairman of Putnam
Investments, Inc. (1999); Director and Senior Managing Director
of Putnam Investments, Inc. and President, Chief Executive
Officer, and Director of Putnam Mutual Funds Inc. (1990-1999)</FONT>
</P>
</TD>
<TD ID="ID_1305" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">142</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1163" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Julian F. Sluyters<SUP>4</SUP>
(1960)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President and
Chief Executive
Officer,
2004-present</FONT>
</P>
</TD>
<TD ID="ID_1161" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director, Deutsche Asset Management (since May
2004); President and Chief Executive Officer of The Germany
Fund, Inc., The New Germany Fund, Inc., The Central Europe
and Russia Fund, Inc., The Brazil Fund, Inc., The Korea Fund,
Inc., Scudder Global High Income Fund, Inc. and Scudder New
Asia Fund, Inc. (since May 2004); President and Chief Executive
Officer, UBS Fund Services (2001-2003); Chief Administrative
Officer (1998-2001) and Senior Vice President and Director of
Mutual Fund Operations (1991-1998) UBS Global Asset
Management</FONT>
</P>
</TD>
<TD ID="ID_1304" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1160" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philip J. Collora
(1945)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President
and Assistant
Secretary,
1986-present</FONT>
</P>
</TD>
<TD ID="ID_1158" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director, Deutsche Asset Management</FONT>
</P>
</TD>
<TD ID="ID_1303" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1157" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kenneth
Murphy<SUP>5</SUP> (1963)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President,
2002-present</FONT>
</P>
</TD>
<TD ID="ID_1155" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President, Deutsche Asset Management (2000-present);
formerly, Director, John Hancock Signature Services
(1992-2000)</FONT>
</P>
</TD>
<TD ID="ID_1302" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1154" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul H.
Schubert<SUP>4</SUP> (1963)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chief Financial
Officer,
2004-present</FONT>
</P>
</TD>
<TD ID="ID_1152" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director, Deutsche Asset Management (since July
2004); formerly, Executive Director, Head of Mutual Fund
Services and Treasurer for UBS Family of Funds at UBS Global
Asset Management (1994-2004)</FONT>
</P>
</TD>
<TD ID="ID_1301" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1151" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Charles A. Rizzo<SUP>5</SUP>
(1957)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Treasurer,
2002-present</FONT>
</P>
</TD>
<TD ID="ID_1149" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director, Deutsche Asset Management (since April
2004); formerly, Director, Deutsche Asset Management (April
2000-March 2004); Vice President and Department Head,
BT&nbsp;Alex. Brown Incorporated (now Deutsche Bank Securities
Inc.) (1998-1999); Senior Manager, Coopers &amp; Lybrand L.L.P.
(now PricewaterhouseCoopers LLP) (1993-1998)</FONT>
</P>
</TD>
<TD ID="ID_1300" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1148" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John Millette<SUP>5</SUP>
(1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Secretary,
2001-present</FONT>
</P>
</TD>
<TD ID="ID_1146" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director, Deutsche Asset Management</FONT>
</P>
</TD>
<TD ID="ID_1299" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1145" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lisa Hertz<SUP>4</SUP>
(1970)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Secretary,
2003-present</FONT>
</P>
</TD>
<TD ID="ID_1143" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant Vice President, Deutsche Asset Management</FONT>
</P>
</TD>
<TD ID="ID_1298" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1142" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Daniel O. Hirsch<SUP>6</SUP>
(1954)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Secretary,
2002-present</FONT>
</P>
</TD>
<TD ID="ID_1140" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director, Deutsche Asset Management
(2002-present) and Director, Deutsche Global Funds Ltd.
(2002-present); formerly, Director, Deutsche Asset
Management (1999-2002); Principal, BT Alex. Brown
Incorporated (now Deutsche Bank Securities Inc.) (1998-1999);
Assistant General Counsel, United States Securities and
Exchange Commission (1993-1998)</FONT>
</P>
</TD>
<TD ID="ID_1297" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1139" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Caroline
Pearson<SUP>5</SUP> (1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Secretary,
1998-present</FONT>
</P>
</TD>
<TD ID="ID_1137" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director, Deutsche Asset Management </FONT>
</P>
</TD>
<TD ID="ID_1296" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1136" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kevin M. Gay<SUP>5</SUP>
(1959)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Treasurer,
2004-present</FONT>
</P>
</TD>
<TD ID="ID_1134" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President, Deutsche Asset Management</FONT>
</P>
</TD>
<TD ID="ID_1295" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1133" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Salvatore
Schiavone<SUP>5</SUP>
(1965)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Treasurer,
2003-present</FONT>
</P>
</TD>
<TD ID="ID_1131" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director, Deutsche Asset Management</FONT>
</P>
</TD>
<TD ID="ID_1294" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1130" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kathleen
Sullivan
D'Eramo<SUP>5 </SUP>(1957)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Treasurer,
2003-present</FONT>
</P>
</TD>
<TD ID="ID_1128" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director, Deutsche Asset Management</FONT>
</P>
</TD>
<TD ID="ID_1293" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ID="mit.html.40" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP><I>  Length of time served represents the date that each Trustee was first elected to the common board
of Trustees which oversees a number of investment companies, including the fund, managed by
the Advisor. For the Officers of the fund, the length of time served represents the date that each
Officer was first elected to serve as an Officer of any fund overseen by the aforementioned
common board of Trustees.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>2</SUP><I> As a result of their respective positions held with the Advisor, these individuals are considered
&quot;interested persons&quot; of the Advisor within the meaning of the 1940 Act. Interested persons receive
no compensation from the fund.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>3</SUP><I> Address: 280 Park Avenue, New York, New York</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>4</SUP><I> Address: 345 Park Avenue, New York, New York</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>5</SUP><I> Address: Two International Place, Boston, Massachusetts</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>6</SUP><I> Address: One South Street, Baltimore, Maryland</I></FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_33">
<TR>
<TD ID="ID_1437" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="adinfo" ID="adinfo"></A>Additional Information</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1350" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<H2 ID="mit.html.41" ALIGN="LEFT"><FONT COLOR="#000000">Changes in Trustees and Officers</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">Effective December 30, 2004, the Board of Trustees increased the size of the
Board and appointed William McClayton and Robert H. Wadsworth as
Trustees of the fund. Fred B. Renwick retired from the Board of Trustees
effective June 29, 2004 in connection with the fund's Annual Meeting of
Shareholders.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On September 24, 2004, the Board of Trustees elected Julian F. Sluyters, who
also serves as Chief Executive Officer of the fund, as President of the fund,
replacing Brenda Lyons. The Board of Trustees also elected Paul H. Schubert
as Chief Financial Officer of the fund, replacing Charles A. Rizzo who remains
as Treasurer of the fund.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Certifications</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's chief executive officer has certified to the New York Stock
Exchange that, as of August 12, 2004, he was not aware of any violation by
the fund of applicable NYSE corporate governance listing standards. The
fund's reports to the Securities and Exchange Commission on Forms N-CSR,
N-CSRS, and N-Q contain certifications by the fund's chief executive officer
and chief financial officer that relate to the fund's disclosure in such reports
and that are required by rule 30a-2(a) under the Investment Company Act.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_32">
<TR>
<TD ID="ID_1436" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Additional Information </FONT><FONT SIZE="+1" COLOR="#3d0000">(continued)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1349" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_1">
<TR>
<TD ID="ID_57" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Automated
Information Lines</FONT></B>
</P>
</TD>
<TD ID="ID_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Scudder Closed-End Fund Info Line</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">(800) 349-4281</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_56" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Web Sites</FONT></B>
</P>
</TD>
<TD ID="ID_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">www.scudder.com </FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">or visit our Direct Link:</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">CEF.Scudder.com </FONT></B><FONT SIZE="-2" COLOR="#000000">(Do not use www.)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Obtain monthly fact sheets, financial reports, press releases and
webcasts when available.</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_55" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Written
Correspondence</FONT></B>
</P>
</TD>
<TD ID="ID_81" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Deutsche Investment Management Americas Inc.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">222 South Riverside</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL 60606</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_54" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Proxy Voting</FONT></B>
</P>
</TD>
<TD ID="ID_71" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">A description of the fund's policies and procedures for voting
proxies for portfolio securities and information about how the
fund voted proxies related to its portfolio securities during the
12-month period ended June 30 is available on our Web site &#151;
scudder.com (type &quot;proxy voting&quot; in the search field)&nbsp;&#151;&nbsp;or on the
SEC's Web site &#151; www.sec.gov. To obtain a written&nbsp;copy of the
fund's policies and procedures without charge, upon request, call
us toll free at (800) 621-1048.</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_53" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Legal Counsel</FONT></B>
</P>
</TD>
<TD ID="ID_80" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Vedder, Price, Kaufman &amp; Kammholz, P.C.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">222 North LaSalle Street</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL 60601</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_52" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Dividend
Reinvestment
Plan Agent</FONT></B>
</P>
</TD>
<TD ID="ID_79" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">UMB Bank</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">P.O. Box 410064</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kansas City, MO 64141-0064</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_51" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Shareholder
Service Agent</FONT></B>
</P>
</TD>
<TD ID="ID_78" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Scudder Investments Service Company</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">P.O. Box 219066</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kansas City, MO 64121-9066</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">(800) 294-4366</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_50" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Custodian and
Transfer Agent</FONT></B>
</P>
</TD>
<TD ID="ID_77" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">State Street Bank and Trust Company</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">225 Franklin Street</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Boston, MA 02110</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_49" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Independent
Registered Public
Accounting Firm</FONT></B>
</P>
</TD>
<TD ID="ID_85" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ernst &amp; Young LLP</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">200 Clarendon Street</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Boston, MA 02116</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_48" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">NYSE Symbol</FONT></B>
</P>
</TD>
<TD ID="ID_59" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">KTF</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_47" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">CUSIP Number</FONT></B>
</P>
</TD>
<TD ID="ID_58" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">81118R604</FONT>
</P>
</TD>
</TR>


</TABLE>
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<TR>
<TD ID="ID_1435" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1348" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


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<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1347" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
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</TD>
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<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1346" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
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<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1345" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
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<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1344" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
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<PRE>

ITEM 2.         CODE OF ETHICS.

As of the end of the period, November 30, 2004, Scudder Municipal Income Trust
has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies
to its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of
ethics during the period covered by this report that would require disclosure
under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


ITEM 3.         AUDIT COMMITTEE FINANCIAL EXPERT.

The Fund's Board of Directors/Trustees has determined that the Fund has at least
one "audit committee financial expert" serving on its audit committee: Mr.
Donald L. Dunaway. This audit committee member is "independent," meaning that he
is not an "interested person" of the Fund (as that term is defined in Section
2(a)(19) of the Investment Company Act of 1940) and he does not accept any
consulting, advisory, or other compensatory fee from the Fund (except in the
capacity as a Board or committee member).

An "audit committee financial expert" is not an "expert" for any purpose,
including for purposes of Section 11 of the Securities Act of 1933, as a result
of being designated as an "audit committee financial expert." Further, the
designation of a person as an "audit committee financial expert" does not mean
that the person has any greater duties, obligations, or liability than those
imposed on the person without the "audit committee financial expert"
designation. Similarly, the designation of a person as an "audit committee
financial expert" does not affect the duties, obligations, or liability of any
other member of the audit committee or board of directors.

ITEM 4.         PRINCIPAL ACCOUNTANT FEES AND SERVICES.

                         SCUDDER MUNICIPAL INCOME TRUST
                      FORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that Ernst &amp; Young, LLP
("E&amp;Y"), the Fund's auditor, billed to the Fund during the Fund's last two
fiscal years. For engagements with E&amp;Y entered into on or after May 6, 2003,
the Audit Committee approved in advance all audit services and non-audit
services that E&amp;Y provided to the Fund.

The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).

               Services that the Fund's Auditor Billed to the Fund

- --------------------------------------------------------------------------------
Fiscal Year      Audit Fees     Audit-Related      Tax Fees      All Other
   Ended          Billed         Fees Billed      Billed to     Fees Billed
November 30,     to Fund          to Fund            Fund         to Fund
- --------------------------------------------------------------------------------
2004             $42,391            $0              $7,481          $0
- --------------------------------------------------------------------------------
2003             $39,729            $0              $6,925          $0
- --------------------------------------------------------------------------------

The above "Tax Fees" were billed for professional services rendered for tax
compliance and tax return preparation.


           Services that the Fund's Auditor Billed to the Adviser and
                        Affiliated Fund Service Providers

The following table shows the amount of fees billed by E&amp;Y to Deutsche
Investment Management Americas, Inc. ("DeIM" or the "Adviser"), and any entity
controlling, controlled by or under common control with DeIM ("Control
Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service
Provider"), for engagements directly related to the Fund's operations and
financial reporting, during the Fund's last two fiscal years.


- --------------------------------------------------------------------------------
                    Audit-Related         Tax Fees            All Other
                     Fees Billed          Billed to          Fees Billed
  Fiscal           to Adviser and        Adviser and        to Adviser and
   Year             Affiliated           Affiliated          Affiliated
  Ended            Fund Service          Fund Service        Fund Service
 November 30,        Providers            Providers           Providers
- --------------------------------------------------------------------------------
2004                 $281,500               $0                    $0
- --------------------------------------------------------------------------------
2003                 $112,900               $0                    $0
- --------------------------------------------------------------------------------

The "Audit-Related Fees" were billed for services in connection with the
assessment of internal controls and additional related procedures.



<PAGE>



                               Non-Audit Services

The following table shows the amount of fees that E&amp;Y billed during the
Fund's last two fiscal years for non-audit services. For engagements entered
into on or after May 6, 2003, the Audit Committee pre-approved all non-audit
services that E&amp;Y provided to the Adviser and any Affiliated Fund Service
Provider that related directly to the Fund's operations and financial reporting.
The Audit Committee requested and received information from E&amp;Y about any
non-audit services that E&amp;Y rendered during the Fund's last fiscal year to
the Adviser and any Affiliated Fund Service Provider. The Committee considered
this information in evaluating E&amp;Y's independence.


- --------------------------------------------------------------------------------
                               Total Non-Audit
                               Fees billed to            Total
                                Adviser and          Non-Audit Fees
                               Affiliated Fund         billed to
                              Service Providers       Adviser and
                              (engagements related    Affiliated
                 Total         directly to the       Fund Service
                Non-Audit       operations and        Providers
  Fiscal       Fees Billed    financial reporting    (all other       Total of
   Year         to Fund          of the Fund)        engagements)     (A),(B)
   Ended
November 30,      (A)                (B)                 (C)          and (C)
- --------------------------------------------------------------------------------
2004            $7,481               $0              $386,601       $394,082
- --------------------------------------------------------------------------------
2003            $6,925               $0             $3,759,685     $3,766,610
- --------------------------------------------------------------------------------


All other engagement fees were billed for services in connection with risk
management and process improvement initiatives for DeIM and other related
entities that provide support for the operations of the fund.

                                       ***

The Fund's independent accountant, Ernst &amp; Young LLP ("E&amp;Y"), recently
advised the Fund's Audit Committee that E&amp;Y's member firms in China and
Japan ("E&amp;Y China" and "E&amp;Y Japan," respectively) provided certain
non-audit services to Deutsche Bank entities and affiliates (collectively, the
"DB entities") during 2003 and 2004 that raise issues under the SEC auditor
independence rules. The DB entities are within the "Investment Company Complex"
(as defined by SEC rules) and therefore covered by the SEC auditor independence
rules applicable to the Fund.

E&amp;Y advised the Audit Committee that in connection with providing permitted
expatriate tax compliance services during 2003 and 2004, E&amp;Y China and
E&amp;Y Japan received funds from the DB entities into E&amp;Y "representative
bank trust accounts" that were used to pay the foreign income taxes of the
expatriates. E&amp;Y has advised the Audit Committee that handling those funds
was in violation of Rule 2-01 of Regulation S-X. (Rule 2-01(c)4(viii)), which
states that

<PAGE>

"... an accountant's independence will be impaired if the accountant has ...
custody of client assets.")

The Audit Committee was informed that E&amp;Y China received approximately
$1,500 in fees for these services, while E&amp;Y Japan received approximately
$41,000. E&amp;Y advised the Audit Committee that it conducted an internal
review of the situation and, in view of the fact that similar activities
occurred vis-a-vis a number of E&amp;Y audit clients unrelated to DB or the
Fund, E&amp;Y has advised the SEC and the PCAOB of the matter. E&amp;Y advised
the Audit Committee that E&amp;Y believes its independence as auditors for the
Fund was not impaired during the period the services were provided. In reaching
this conclusion, E&amp;Y noted a number of factors, including that none of the
E&amp;Y personnel who provided the non-audit services to the DB entities were
involved in the provision of audit services to the Fund, the E &amp; Y
professionals responsible for the Fund's audits were not aware that these
non-audit services took place until October, 2004, and that the fees charged are
not significant to E&amp;Y overall or to the fees charged to the Investment
Company Complex.

ITEM 5.         AUDIT COMMITTEE OF LISTED REGISTRANTS

The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934,
as amended. The registrant's audit committee consists of Donald L.
Dunaway(Chairman), Robert B. Hoffman, Lewis A. Burnham, and William McClayton
(effective December 30, 2004).

ITEM 6.         SCHEDULE OF INVESTMENTS

                Not Applicable

ITEM 7.         DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
                CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Proxy Voting Guidelines

The Fund has delegated proxy voting responsibilities to its investment advisor,
subject to the Board's general oversight. The Fund has delegated proxy voting to
the advisor with the direction that proxies should be voted consistent with the
Fund's best economic interests. The advisor has adopted its own Proxy Voting
Policies and Procedures ("Policies"), and Proxy Voting Guidelines ("Guidelines")
for this purpose. The Policies address, among other things, conflicts of
interest that may arise between the interests of the Fund, and the interests of
the advisor and its affiliates, including the Fund's principal underwriter. The
Guidelines set forth the advisor's general position on various proposals, such
as:

o        Shareholder Rights -- The advisor generally votes against proposals
         that restrict shareholder rights.

o        Corporate Governance -- The advisor generally votes for confidential
         and cumulative voting and against supermajority voting requirements for
         charter and bylaw amendments.

o        Anti-Takeover Matters -- The advisor generally votes for proposals that
         require shareholder ratification of poison pills or that request boards
         to redeem poison pills, and votes "against" the adoption of poison
         pills if they are submitted for shareholder ratification. The advisor
         generally votes for fair price proposals.

o        Routine Matters -- The advisor generally votes for the ratification of
         auditors, procedural matters related to the annual meeting, and changes
         in company name, and against bundled proposals and adjournment.

The general provisions described above do not apply to investment companies. The
advisor generally votes proxies solicited by investment companies in accordance
with the recommendations of an independent third-party, except for proxies
solicited by or with respect to investment companies for which the advisor or an
affiliate serves as investment advisor or principal underwriter ("affiliated
investment companies"). The advisor votes affiliated investment company proxies
in the same proportion as the vote of the investment company's other
shareholders (sometimes called "mirror" or "echo" voting). Master fund proxies
solicited from feeder funds are voted in accordance with applicable requirements
of the Investment Company Act of 1940.

Although the Guidelines set forth the advisor's general voting positions on
various proposals, the advisor may, consistent with the Fund's best interests,
determine under some circumstances to vote contrary to those positions.

The Guidelines on a particular issue may or may not reflect the view of
individual members of the board, or of a majority of the board. In addition, the
Guidelines may reflect a voting position that differs from the actual practices
of the public companies within the Deutsche Bank organization or of the
investment companies for which the advisor or an affiliate serves as investment
advisor or sponsor.

The advisor may consider the views of a portfolio company's management in
deciding how to vote a proxy or in establishing general voting positions for the
Guidelines, but management's views are not determinative.

As mentioned above, the Policies describe the way in which the advisor resolves
conflicts of interest. To resolve conflicts, the advisor, under normal
circumstances, votes proxies in accordance with its Guidelines. If the advisor
departs from the Guidelines with respect to a particular proxy or if the
Guidelines do not specifically address a certain proxy proposal, a proxy voting
committee established by the advisor will vote the proxy. Before voting any such
proxy, however, the advisor's conflicts review committee will conduct an
investigation to determine whether any potential conflicts of interest exist in
connection with the particular proxy proposal. If the conflicts review committee
determines that the advisor has a material conflict of interest, or certain
individuals on the proxy voting committee should be recused from participating
in a particular proxy vote, it will inform the proxy voting committee. If
notified that the advisor has a material conflict, or fewer than three voting
members are eligible to participate in the proxy vote, typically the advisor
will engage an independent third party to vote the proxy or follow the proxy
voting recommendations of an independent third party. Under certain
circumstances, the advisor may not be able to vote proxies or the advisor may
find that the expected economic costs from voting outweigh the benefits
associated with voting. For example, the advisor may not vote proxies on certain
foreign securities due to local restrictions or customs. The advisor generally
does not vote proxies on securities subject to share blocking restrictions.

ITEM 8.         PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
                INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Item 8 of Form N-CSR - Repurchase Disclosure

- --------------------------------------------------------------------------------
                                         (a)       (b)       (c)         (d)
                                                           Total
                                                           Number      Maximum
                                                          of Shares   Number of
                                                          Purchased  Shares that
                                                 Average as Part of   May Yet Be
                                        Total     Price   Publicly    Purchased
                                      Number of   Paid    Announced   Under the
                                       Shares      per    Plans or    Plans or
Period                                Purchased*  Share   Programs    Programs
- --------------------------------------------------------------------------------

December 1 through December 31, 2003      n/a       n/a      n/a        n/a
January 1 through January 31, 2004        n/a       n/a      n/a        n/a
February 1 through February 29, 2004      n/a       n/a      n/a        n/a
March 1 through March 31, 2004            n/a       n/a      n/a        n/a
April 1 through April 30, 2004            n/a       n/a      n/a        n/a
May 1 through May 31, 2004                n/a       n/a      n/a        n/a
June 1 through June 30, 2004              n/a       n/a      n/a        n/a
July 1 through July 31, 2004              n/a       n/a      n/a        n/a
August 1 through August 31, 2004          n/a       n/a      n/a        n/a
September 1 through September 30, 2004    n/a       n/a      n/a        n/a
October 1 through October 31, 2004        n/a       n/a      n/a        n/a
November 1 through November 30, 2004      n/a       n/a      n/a        n/a

- --------------------------------------------------------------------------------
Total                                     n/a       n/a      n/a        n/a
- --------------------------------------------------------------------------------

* All shares were purchased in open market transactions.

ITEM 9.         SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The primary function of the Nominating and Governance Committee is to identify
and recommend individuals for membership on the Board and oversee the
administration of the Board Governance Procedures and Guidelines. Shareholders
may recommend candidates for Board positions by forwarding their correspondence
by U.S. mail or courier service to the Fund's Secretary for the attention of the
Chairman of the Nominating and Governance Committee, Two International Place,
Boston, MA 02110. Suggestions for candidates must include a resume of the
candidate.

ITEM 10.        CONTROLS AND PROCEDURES.

(a) The Chief Executive and Financial Officers concluded that the Registrant's
Disclosure Controls and Procedures are effective based on the evaluation of the
Disclosure Controls and Procedures as of a date within 90 days of the filing
date of this report.

(b) There have been no changes in the registrant's internal control over
financial reporting that occurred during the registrant's last half-year (the
registrant's second fiscal half-year in the case of the annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal controls over financial reporting.

ITEM 11.        EXHIBITS.

(a)(1)   Code of Ethics  pursuant to Item 2 of Form N-CSR is filed and  attached
         hereto as EX-99.CODE ETH.

(a)(2)   Certification  pursuant to Rule 30a-2(a) under the  Investment  Company
         Act of 1940 (17 CFR  270.30a-2(a))  is filed  and  attached  hereto  as
         Exhibit 99.CERT.

(b)      Certification  pursuant to Rule 30a-2(b) under the  Investment  Company
         Act of 1940 (17 CFR  270.30a-2(b))  is furnished and attached hereto as
         Exhibit 99.906CERT.


<PAGE>

Form N-CSR Item F

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:                         Scudder Municipal Income Trust


By:                                 /s/Julian Sluyters
                                    -------------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               January 31, 2005


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Registrant:                         Scudder Municipal Income Trust


By:                                 /s/Julian Sluyters
                                    -------------------------------
                                    Julian Sluyters
                                    Chief Executive Officer

Date:                               January 31, 2005



By:                                 /s/Paul Schubert
                                    -------------------------------
                                    Paul Schubert
                                    Chief Financial Officer

Date:                               January 31, 2005

</PRE>


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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>21
<FILENAME>code_prinofficers.txt
<TEXT>
                               Scudder/DeAM Funds

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

                                                                  Effective Date
                                                            [September 30, 2004]
<PAGE>

Table of Contents

<TABLE>
<CAPTION>
                                                                                  Page Number

<S>                                                                                        <C>
   I.       Overview........................................................................3


   II.      Purposes of the Officer Code....................................................3


   III.     Responsibilities of Covered Officers............................................4

      A.    Honest and Ethical Conduct......................................................4
      B.    Conflicts of Interest...........................................................4
      C.    Use of Personal Fund Shareholder Information....................................6
      D.    Public Communications...........................................................6
      E.    Compliance with Applicable Laws, Rules and Regulations..........................6

   IV.      Violation Reporting.............................................................7

      A.    Overview........................................................................7
      B.    How to Report...................................................................7
      C.    Process for Violation Reporting to the Fund Board...............................7
      D.    Sanctions for Code Violations...................................................7

   V.       Waivers from the Officer Code...................................................7


   VI.      Amendments to the Code..........................................................8


   VII.     Acknowledgement and Certification of Adherence to the Officer Code..............8


   IX.      Recordkeeping...................................................................8


   X.       Confidentiality.................................................................9


   Appendices..............................................................................10

      Appendix A:  List of Officers Covered under the Code, by Board.......................10
      Appendix B:  Officer Code Acknowledgement and Certification Form.....................11
      Appendix C:  Definitions.............................................................13

</TABLE>


                                       2
<PAGE>



I.       Overview

This Principal  Executive Officer and Principal Financial Officer Code of Ethics
("Officer Code") sets forth the policies,  practices,  and values expected to be
exhibited  in the conduct of the  Principal  Executive  Officers  and  Principal
Financial  Officers of the investment  companies  ("Funds") they serve ("Covered
Officers"). A list of Covered Officers and Funds is included on Appendix A.

The Boards of the Funds  listed on  Appendix A have  elected  to  implement  the
Officer Code,  pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the
SEC's rules thereunder, to promote and demonstrate honest and ethical conduct in
their Covered Officers.

Deutsche  Asset  Management,  Inc.  or its  affiliates  ("DeAM")  serves  as the
investment adviser to each Fund. All Covered Officers are also employees of DeAM
or an  affiliate.  Thus,  in addition to  adhering  to the Officer  Code,  these
individuals must comply with DeAM policies and procedures, such as the DeAM Code
of Ethics  governing  personal trading  activities,  as adopted pursuant to Rule
17j-1 under the Investment Company Act of 1940.^1 In addition,  such individuals
also must comply with other applicable Fund policies and procedures.

The DeAM  Compliance  Officer,  who shall not be a Covered Officer and who shall
serve  as such  subject  to the  approval  of the  Fund's  Board  (or  committee
thereof), is primarily responsible for implementing and enforcing this Code. The
Compliance  Officer has the  authority  to  interpret  this Officer Code and its
applicability to particular circumstances.  Any questions about the Officer Code
should be directed to the DeAM Compliance Officer.

The DeAM Compliance  Officer and his or her contact  information can be found in
Appendix A.

II.      Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

o        promote honest and ethical  conduct among Covered  Officers,  including
         the  ethical  handling  of actual or  apparent  conflicts  of  interest
         between personal and professional relationships;

o        promote full, fair, accurate, timely and understandable  disclosures in
         reports  and  documents  that the Funds  file with or submit to the SEC
         (and in other public communications from the Funds) and that are within
         the Covered Officer's responsibilities;

o        promote compliance with applicable laws, rules and regulations;

o        encourage  the prompt  internal  reporting of violations of the Officer
         Code to the DeAM Compliance Officer; and

o        establish accountability for adherence to the Officer Code.

Any  questions  about the Officer  Code should be referred to DeAM's  Compliance
Officer.

- --------

^1 The  obligations  imposed  by the  Officer  Code are  separate  from,  and in
addition to, any obligations  imposed under codes of ethics adopted  pursuant to
Rule  17j-1  under the  Investment  Company  Act of 1940,  and any other code of
conduct  applicable to Covered  Officers in whatever  capacity  they serve.  The
Officer  Code does not  incorporate  any of those other codes and,  accordingly,
violations of those codes will not  necessarily be considered  violations of the
Officer Code and waivers granted under those codes would not necessarily require
a waiver to be granted under this Code.  Sanctions imposed under those codes may
be considered  in  determining  appropriate  sanctions for any violation of this
Code.


                                       3
<PAGE>

III.     Responsibilities of Covered Officers

A.       Honest and Ethical Conduct

         It is the duty of every Covered  Officer to encourage  and  demonstrate
         honest and ethical conduct,  as well as adhere to and require adherence
         to the Officer Code and any other  applicable  policies and  procedures
         designed to promote this behavior.  Covered  Officers must at all times
         conduct  themselves with integrity and  distinction,  putting first the
         interests of the Fund(s) they serve.  Covered  Officers  must be honest
         and candid  while  maintaining  confidentiality  of  information  where
         required by law, DeAM policy or Fund policy.

         Covered   Officers  also  must,  at  all  times,  act  in  good  faith,
         responsibly  and with  due  care,  competence  and  diligence,  without
         misrepresenting  or being  misleading  about material facts or allowing
         their  independent  judgment to be subordinated.  Covered Officers also
         should maintain skills appropriate and necessary for the performance of
         their duties for the Fund(s).  Covered  Officers also must  responsibly
         use and control all Fund assets and resources entrusted to them.

         Covered  Officers may not  retaliate  against  others for, or otherwise
         discourage  the  reporting  of,  actual or apparent  violations  of the
         Officer Code or applicable laws or regulations. Covered Officers should
         create an  environment  that  encourages  the exchange of  information,
         including concerns of the type that this Code is designed to address.

B.       Conflicts of Interest

         A  "conflict  of  interest"  occurs when a Covered  Officer's  personal
         interests  interfere with the interests of the Fund for which he or she
         serves as an officer.  Covered  Officers may not  improperly  use their
         position with a Fund for personal or private gain to themselves,  their
         family,  or any other person.  Similarly,  Covered Officers may not use
         their  personal  influence  or  personal   relationships  to  influence
         decisions  or other Fund  business or  operational  matters  where they
         would  benefit  personally  at the  Fund's  expense  or to  the  Fund's
         detriment.  Covered Officers may not cause the Fund to take action,  or
         refrain from taking action,  for their  personal  benefit at the Fund's
         expense or to the Fund's  detriment.  Some  examples  of  conflicts  of
         interest  follow  (this  is not an  all-inclusive  list):  being in the
         position of  supervising,  reviewing or having any influence on the job
         evaluation,  pay or benefit of any  immediate  family  member who is an
         employee of a Fund service provider or is otherwise associated with the
         Fund; or having an ownership  interest in, or having any  consulting or
         employment relationship with, any Fund service provider other than DeAM
         or its affiliates.

         Certain  conflicts  of  interest  covered by this Code arise out of the
         relationships  between  Covered  Officers and the Fund that already are
         subject to conflict of interest  provisions in the  Investment  Company
         Act and the Investment Advisers Act. For example,  Covered Officers may
         not individually  engage in certain  transactions (such as the purchase
         or sale of securities or other property) with the Fund because of their
         status as  "affiliated  persons"  of the Fund.  Covered  Officers  must
         comply with applicable laws and regulations.  Therefore, any violations
         of  existing  statutory  and  regulatory   prohibitions  on  individual
         behavior could be considered a violation of this Code.

         As  to  conflicts  arising  from,  or  as  a  result  of  the  advisory
         relationship (or any other relationships) between the Fund and DeAM, of
         which the  Covered  Officers  are also  officers  or  employees,  it is
         recognized by the Board that, subject to DeAM's fiduciary duties to the
         Fund,  the Covered  Officers  will in the normal course of their duties
         (whether formally for the Fund or for DeAM, or for both) be involved in
         establishing  policies  and  implementing  decisions  which  will  have
         different  effects on


                                       4
<PAGE>

         DeAM and the Fund. The Board  recognizes that the  participation of the
         Covered  Officers  in  such  activities  is  inherent  in the  contract
         relationship  between  the Fund and DeAM,  and is  consistent  with the
         expectation of the Board of the performance by the Covered  Officers of
         their duties as officers of the Fund.

         Covered  Officers  should  avoid  actual  conflicts  of  interest,  and
         appearances  of conflicts of  interest,  between the Covered  Officer's
         duties  to the  Fund and his or her  personal  interests  beyond  those
         contemplated  or anticipated  by applicable  regulatory  schemes.  If a
         Covered  Officer  suspects or knows of a conflict or an  appearance  of
         one, the Covered Officer must immediately report the matter to the DeAM
         Compliance  Officer.  If a Covered Officer, in lieu of reporting such a
         matter to the DeAM Compliance  Officer,  may report the matter directly
         to the Fund's Board (or committee  thereof),  as appropriate  (e.g., if
         the  conflict  involves  the DeAM  Compliance  Officer  or the  Covered
         Officer reasonably  believes it would be futile to report the matter to
         the DeAM Compliance Officer).

         When  actual,  apparent or  suspected  conflicts  of interest  arise in
         connection with a Covered  Officer,  DeAM personnel aware of the matter
         should promptly contact the DeAM Compliance  Officer.  There will be no
         reprisal or retaliation against the person reporting the matter.

         Upon receipt of a report of a possible  conflict,  the DeAM  Compliance
         Officer will take steps to determine  whether a conflict exists.  In so
         doing,  the DeAM  Compliance  Officer  may take any  actions  he or she
         determines to be appropriate in his or her sole  discretion and may use
         all  reasonable  resources,   including  retaining  or  engaging  legal
         counsel,  accounting firms or other consultants,  subject to applicable
         law.^2 The costs associated with such actions may be borne by the Fund,
         if appropriate,  after consultation with the Fund's Board (or committee
         thereof).  Otherwise,  such  costs  will be  borne  by  DeAM  or  other
         appropriate Fund service provider.

         After full review of a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer may determine  that no conflict or reasonable
         appearance  of a conflict  exists.  If,  however,  the DeAM  Compliance
         Officer  determines  that an actual  conflict  exists,  the  Compliance
         Officer will resolve the conflict  solely in the interests of the Fund,
         and will report the conflict and its resolution to the Fund's Board (or
         committee thereof).  If the DeAM Compliance Officer determines that the
         appearance of a conflict exists,  the DeAM Compliance Officer will take
         appropriate  steps to remedy such  appearance.  In lieu of  determining
         whether  a  conflict  exists  and/or  resolving  a  conflict,  the DeAM
         Compliance Officer instead may refer the matter to the Fund's Board (or
         committee  thereof),  as  appropriate.  However,  the  DeAM  Compliance
         Officer  must  refer the  matter  to the  Fund's  Board  (or  committee
         thereof) if the DeAM  Compliance  Officer is  directly  involved in the
         conflict or under similar appropriate circumstances.

         After  responding to a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer  will  discuss  the  matter  with the  person
         reporting it (and with the Covered  Officer at issue, if different) for
         purposes  of  educating   those  involved  on  conflicts  of  interests
         (including how to detect and avoid them, if appropriate).

         Appropriate   resolution   of  conflicts   may  restrict  the  personal
         activities of the Covered  Officer and/or his family,  friends or other
         persons.

         Solely because a conflict is disclosed to the DeAM  Compliance  Officer
         (and/or the Board or  Committee  thereof)  and/or  resolved by the DeAM
         Compliance  Officer does not mean that the  conflict or its  resolution
         constitutes a waiver from the Code's requirements.

- -----------------

^2 For  example,  retaining  a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit  committee.

                                       5
<PAGE>

         Any  questions  about  conflicts  of  interests,  including  whether  a
         particular  situation  might be a  conflict  or an  appearance  of one,
         should be directed to the DeAM Compliance Officer.

         C.       Use of Personal Fund Shareholder Information

         A Covered Officer may not use or disclose  personal  information  about
         Fund  shareholders,  except in the performance of his or her duties for
         the Fund. Each Covered Officer also must abide by the Funds' and DeAM's
         privacy policies under SEC Regulation S-P.

         D.       Public Communications

         In connection with his or her  responsibilities for or involvement with
         a  Fund's  public   communications  and  disclosure   documents  (e.g.,
         shareholder reports,  registration  statements,  press releases),  each
         Covered  Officer must  provide  information  to Fund service  providers
         (within the DeAM  organization  or  otherwise)  and to the Fund's Board
         (and  any  committees  thereof),   independent   auditors,   government
         regulators and  self-regulatory  organizations that is fair,  accurate,
         complete, objective, relevant, timely and understandable.

         Further,  within the scope of their  duties,  Covered  Officers  having
         direct or supervisory authority over Fund disclosure documents or other
         public Fund communications will, to the extent appropriate within their
         area of responsibility, endeavor to ensure full, fair, timely, accurate
         and  understandable  disclosure  in  Fund  disclosure  documents.  Such
         Covered Officers will oversee, or appoint others to oversee,  processes
         for the timely and accurate  creation and review of all public  reports
         and regulatory filings. Within the scope of his or her responsibilities
         as a Covered  Officer,  each  Covered  Officer  also  will  familiarize
         himself or herself with the disclosure  requirements  applicable to the
         Fund,  as well as the business and  financial  operations  of the Fund.
         Each Covered  Officer  also will adhere to, and will promote  adherence
         to, applicable disclosure controls, processes and procedures, including
         DeAM's Disclosure Controls and Procedures,  which govern the process by
         which Fund disclosure documents are created and reviewed.

         To the extent that Covered  Officers  participate  in the creation of a
         Fund's  books or records,  they must do so in a way that  promotes  the
         accuracy, fairness and timeliness of those records.

E.       Compliance with Applicable Laws, Rules and Regulations

         In connection with his or her duties and within the scope of his or her
         responsibilities as a Covered Officer, each Covered Officer must comply
         with governmental  laws, rules and regulations,  accounting  standards,
         and  Fund   policies/procedures   that   apply  to  his  or  her  role,
         responsibilities  and duties  with  respect  to the Funds  ("Applicable
         Laws").  These  requirements  do not  impose on  Covered  Officers  any
         additional  substantive duties.  Additionally,  Covered Officers should
         promote compliance with Applicable Laws.

         If a Covered  Officer  knows of any material  violations  of Applicable
         Laws or suspects that such a violation may have  occurred,  the Covered
         Officer  is  expected  to  promptly  report  the  matter  to  the  DeAM
         Compliance Officer.



                                       6
<PAGE>

IV.      Violation Reporting

A.       Overview

Each Covered Officer must promptly report to the DeAM Compliance Officer, and
promote the reporting of, any known or suspected violations of the Officer Code.
Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the
following:

o        Unethical or dishonest behavior

o        Obvious lack of adherence to policies surrounding review and approval
         of public communications and regulatory filings

o        Failure to report violations of the Officer Code

o        Known or obvious deviations from Applicable Laws

o        Failure to acknowledge and certify adherence to the Officer Code

The DeAM Compliance Officer has the authority to take any and all action he or
she considers appropriate in his or her sole discretion to investigate known or
suspected Code violations, including consulting with the Fund's Board, the
independent Board members, a Board committee, the Fund's legal counsel and/or
counsel to the independent Board members. The Compliance Officer also has the
authority to use all reasonable resources to investigate violations, including
retaining or engaging legal counsel, accounting firms or other consultants,
subject to applicable law.^3 The costs associated with such actions may be borne
by the Fund, if appropriate, after consultation with the Fund's Board (or
committee thereof). Otherwise, such costs will be borne by DeAM.

B.       How to Report

Any known or suspected violations of the Officer Code must be promptly reported
to the DeAM Compliance Officer.

C.       Process for Violation Reporting to the Fund Board

The DeAM Compliance Officer will promptly report any violations of the Code to
the Fund's Board (or committee thereof).

D.       Sanctions for Code Violations

Violations of the Code will be taken seriously. In response to reported or
otherwise known violations, DeAM and the relevant Fund's Board may impose
sanctions within the scope of their respective authority over the Covered
Officer at issue. Sanctions imposed by DeAM could include termination of
employment. Sanctions imposed by a Fund's Board could include termination of
association with the Fund.

V.       Waivers from the Officer Code

A Covered  Officer may request a waiver from the Officer Code by  transmitting a
written request for a waiver to the DeAM Compliance  Officer.^4 The request must
include the  rationale  for the request and must explain how the waiver would be
in furtherance of the standards of conduct described in and underlying  purposes
of the Officer Code. The DeAM Compliance Officer will present this information

- --------------

^3 For  example,  retaining  a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.

^4 Of course,  it is not a waiver of the  Officer  Code if the Fund's  Board (or
committee thereof)  determines that a matter is not a deviation from the Officer
Code's requirements or is otherwise not covered by the Code.

                                       7
<PAGE>

to the  Fund's  Board (or  committee  thereof).  The Board (or  committee)  will
determine  whether to grant the requested  waiver.  If the Board (or  committee)
grants the requested waiver, the DeAM Compliance Officer thereafter will monitor
the activities  subject to the waiver, as appropriate,  and will promptly report
to the  Fund's  Board (or  committee  thereof)  regarding  such  activities,  as
appropriate.

The DeAM  Compliance  Officer will coordinate and facilitate any required public
disclosures of any waivers granted or any implicit waivers.

VI.      Amendments to the Code

The DeAM  Compliance  Officer will review the Officer Code from time to time for
its  continued  appropriateness  and will propose any  amendments  to the Fund's
Board (or  committee  thereof) on a timely  basis.  In  addition,  the Board (or
committee  thereof)  will  review the  Officer  Code at least  annually  for its
continued appropriateness and may amend the Code as necessary or appropriate.

The DeAM  Compliance  Officer will coordinate and facilitate any required public
disclosures of Code amendments.

VII.     Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer
and annually  thereafter  acknowledging that he or she has received and read the
Officer Code, as amended or updated,  and confirming that he or she has complied
with it (see Appendix B:  Acknowledgement and Certification of Obligations Under
the Officer Code).

Understanding and complying with the Officer Code and truthfully  completing the
Acknowledgement and Certification Form is each Covered Officer's obligation.

The DeAM Compliance  Officer will maintain such  Acknowledgements  in the Fund's
books and records.

VIII.    Scope of Responsibilities

A Covered Officer's responsibilities under the Officer Code are limited to:

         (1)      Fund matters over which the Officer has direct  responsibility
                  or   control,   matters   in  which  the   Officer   routinely
                  participates,  and matters with which the Officer is otherwise
                  involved  (i.e.,  matters  within  the  scope  of the  Covered
                  Officer's responsibilities as a Fund officer); and

         (2)      Fund matters of which the Officer has actual knowledge.

IX.      Recordkeeping

The DeAM  Compliance  Officer  will  create  and  maintain  appropriate  records
regarding  the  implementation  and  operation  of the Officer  Code,  including
records relating to conflicts of interest  determinations  and investigations of
possible Code violations.



                                       8
<PAGE>

X.       Confidentiality

All reports and records  prepared or  maintained  pursuant to this  Officer Code
shall  be  considered   confidential  and  shall  be  maintained  and  protected
accordingly.  Except as  otherwise  required by law or this Officer  Code,  such
matters shall not be disclosed to anyone other than the DeAM Compliance Officer,
the Fund's Board (or committee thereof),  legal counsel,  independent  auditors,
and any consultants engaged by the Compliance Officer.



                                       9
<PAGE>

Appendices

Appendix A:

List of Officers Covered under the Code, by Board:

<TABLE>
<CAPTION>
=========================================== ============================== =========================== ==========================
                Fund Board                  Principal Executive            Principal Financial              Treasurer
                                                 Officers                        Officers

- ------------------------------------------- ------------------------------ --------------------------- --------------------------
<S>                                         <C>                            <C>                         <C>
Boston                                      Julian Sluyters                Paul Schubert               Charles Rizzo
- ------------------------------------------- ------------------------------ --------------------------- --------------------------
Chicago                                     Julian Sluyters                Paul Schubert               Charles Rizzo
- ------------------------------------------- ------------------------------ --------------------------- --------------------------
Closed End (except Germany)                 Julian Sluyters                Paul Schubert               Charles Rizzo
- ------------------------------------------- ------------------------------ --------------------------- --------------------------
New York                                    Julian Sluyters                Paul Schubert               Charles Rizzo
- ------------------------------------------- ------------------------------ --------------------------- --------------------------
MSIS                                        Julian Sluyters                Paul Schubert               Charles Rizzo
- ------------------------------------------- ------------------------------ --------------------------- --------------------------
Hedge Strategies Fund                       Julian Sluyters                Alexandra A. Toohey         Charles Rizzo
- ------------------------------------------- ------------------------------ --------------------------- --------------------------
Germany**                                   Julian Sluyters                Paul Schubert               Charles Rizzo
=========================================== ============================== =========================== ==========================
</TABLE>

* Central Europe and Russia, Germany, and New Germany Funds

         DeAM Compliance Officer:

         Name: Rhonda Brier

         DeAM Department: Compliance

         Phone Numbers: 212-454-6767

         Fax Numbers: 212-468-5033

As of:   [September 30], 2004


                                       10
<PAGE>



Appendix B: Acknowledgement and Certification

                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code

- --------------------------------------------------------------------------------
Print Name               Department                   Location         Telephone




1.            I  acknowledge  and certify that I am a Covered  Officer under the
              Scudder Fund  Principal  Executive and  Financial  Officer Code of
              Ethics  ("Officer  Code"),  and  therefore  subject  to all of its
              requirements and provisions.

2.            I have  received and read the Officer  Code and I  understand  the
              requirements and provisions set forth in the Officer Code.

3.            I have  disclosed any conflicts of interest of which I am aware to
              the DeAM Compliance Officer.

4.            I will act in the best  interest of the Funds for which I serve as
              an officer and have  maintained  the  confidentiality  of personal
              information about Fund shareholders.

5.            I will  report any known or  suspected  violations  of the Officer
              Code in a timely manner to the DeAM Compliance Officer.

- --------------------------------------------------------------------------------
Signature                                                                   Date


                                       11
<PAGE>



                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code

- --------------------------------------------------------------------------------
Print Name               Department                   Location         Telephone




6.            I  acknowledge  and certify that I am a Covered  Officer under the
              Scudder Fund  Principal  Executive and  Financial  Officer Code of
              Ethics  ("Officer  Code"),  and  therefore  subject  to all of its
              requirements and provisions.

7.            I have  received and read the Officer Code,  and I understand  the
              requirements and provisions set forth in the Officer Code.

8.            I have adhered to the Officer Code.

9.            I have not knowingly been a party to any conflict of interest, nor
              have I had actual knowledge about actual or apparent  conflicts of
              interest that I did not report to the DeAM  Compliance  Officer in
              accordance with the Officer Code's requirements.

10.           I have acted in the best  interest  of the Funds for which I serve
              as an officer and have maintained the  confidentiality of personal
              information about Fund shareholders.

11.           With  respect  to the  duties  I  perform  for the  Fund as a Fund
              officer, I believe that effective processes are in place to create
              and  file  public   reports  and  documents  in  accordance   with
              applicable regulations.

12.           With  respect  to the  duties  I  perform  for the  Fund as a Fund
              officer,  I have  complied  to the best of my  knowledge  with all
              Applicable  Laws (as that term is defined in the Officer Code) and
              have  appropriately  monitored  those persons under my supervision
              for compliance with Applicable Laws.

13.           I have  reported any known or suspected  violations of the Officer
              Code in a timely manner to the DeAM Compliance Officer.

- --------------------------------------------------------------------------------
Signature                                                                   Date


                                       12
<PAGE>



Appendix C: Definitions

Principal Executive Officer
Individual  holding the office of President of the Fund or series of Funds, or a
person performing a similar function.

Principal Financial Officer
Individual  holding the office of Treasurer of the Fund or series of Funds, or a
person performing a similar function.

Registered Investment Management Investment Company
Registered investment companies other than a face-amount  certificate company or
a unit investment trust.

Waiver
A waiver is an approval of an exemption from a Code requirement.

Implicit Waiver
An implicit  waiver is the failure to take action within a reasonable  period of
time  regarding a material  departure  from a  requirement  or  provision of the
Officer  Code that has been made  known to the DeAM  Compliance  Officer  or the
Fund's Board (or committee thereof).



                                       13
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>22
<FILENAME>cert.txt
<DESCRIPTION>CERTIFICATION
<TEXT>

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Executive Officer
Form N-CSR Certification under Sarbanes Oxley Act






I, Julian Sluyters, certify that:

1.            I have reviewed this report, filed on behalf of Scudder Municipal
              Income Trust, on Form N-CSR;

2.            Based on my knowledge, this report does not contain any untrue
              statement of a material fact or omit to state a material fact
              necessary to make the statements made, in light of the
              circumstances under which such statements were made, not
              misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other
              financial information included in this report, fairly present in
              all material respects the financial condition, results of
              operations, changes in net assets, and cash flows (if the
              financial statements are required to include a statement of cash
              flows) of the registrant as of, and for, the periods presented in
              this report;

4.            The registrant's other certifying officer(s) and I are responsible
              for establishing and maintaining disclosure controls and
              procedures (as defined in Rule 30a-3(c) under the Investment
              Company Act of 1940) and internal control over financial reporting
              (as defined in Rule 30a-3(d) under the Investment Company Act of
              1940) for the registrant and have:

                  (a)      Designed such disclosure controls and procedures, or
                           caused such disclosure controls and procedures to be
                           designed under our supervision, to ensure that
                           material information relating to the registrant,
                           including its consolidated subsidiaries, is made
                           known to us by others within those entities,
                           particularly during the period in which this report
                           is being prepared;

                  (b)      Designed such internal control over financial
                           reporting, or caused such internal control over
                           financial reporting to be designed under our
                           supervision, to provide reasonable assurance
                           regarding the reliability of financial reporting

<PAGE>

                           and the preparation of financial statements for
                           external purposes in accordance with generally
                           accepted accounting principles;

                  (c)      Evaluated the effectiveness of the registrant's
                           disclosure controls and procedures and presented in
                           this report our conclusions about the effectiveness
                           of the disclosure controls and procedures, as of a
                           date within 90 days prior to the filing date of this
                           report based on such evaluation; and

                  (d)      Disclosed in this report any change in the
                           registrant's internal control over financial
                           reporting that occurred during the registrant's most
                           recent fiscal half-year (the registrant's second
                           fiscal half-year in the case of an annual report)
                           that has materially affected, or is reasonably likely
                           to materially affect, the registrant's internal
                           control over financial reporting; and

5.            The registrant's other certifying officer(s) and I have disclosed
              to the registrant's auditors and the audit committee of the
              registrant's board of directors (or persons performing the
              equivalent functions):

                  (a)      All significant deficiencies and material weaknesses
                           in the design or operation of internal control over
                           financial reporting which are reasonably likely to
                           adversely affect the registrant's ability to record,
                           process, summarize, and report financial information;
                           and

                  (b)      Any fraud, whether or not material, that involves
                           management or other employees who have a significant
                           role in the registrant's internal control over
                           financial reporting.

January 31, 2005                             /s/Julian Sluyters
                                             Julian Sluyters
                                             Chief Executive Officer
                                             Scudder Municipal Income Trust

<PAGE>

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Financial Officer
Form N-CSR Certification under Sarbanes Oxley Act






I, Paul Schubert, certify that:

1.            I have reviewed this report, filed on behalf of Scudder Municipal
              Income Trust, on Form N-CSR;

2.            Based on my knowledge, this report does not contain any untrue
              statement of a material fact or omit to state a material fact
              necessary to make the statements made, in light of the
              circumstances under which such statements were made, not
              misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other
              financial information included in this report, fairly present in
              all material respects the financial condition, results of
              operations, changes in net assets, and cash flows (if the
              financial statements are required to include a statement of cash
              flows) of the registrant as of, and for, the periods presented in
              this report;

4.            The registrant's other certifying officer(s) and I are responsible
              for establishing and maintaining disclosure controls and
              procedures (as defined in Rule 30a-3(c) under the Investment
              Company Act of 1940) and internal control over financial reporting
              (as defined in Rule 30a-3(d) under the Investment Company Act of
              1940) for the registrant and have:

                  (a)      Designed such disclosure controls and procedures, or
                           caused such disclosure controls and procedures to be
                           designed under our supervision, to ensure that
                           material information relating to the registrant,
                           including its consolidated subsidiaries, is made
                           known to us by others within those entities,
                           particularly during the period in which this report
                           is being prepared;

                  (b)      Designed such internal control over financial
                           reporting, or caused such internal control over
                           financial reporting to be designed under our
                           supervision, to provide reasonable assurance
                           regarding the reliability of financial reporting

<PAGE>

                           and the preparation of financial statements for
                           external purposes in accordance with generally
                           accepted accounting principles;

                  (c)      Evaluated the effectiveness of the registrant's
                           disclosure controls and procedures and presented in
                           this report our conclusions about the effectiveness
                           of the disclosure controls and procedures, as of a
                           date within 90 days prior to the filing date of this
                           report based on such evaluation; and

                  (d)      Disclosed in this report any change in the
                           registrant's internal control over financial
                           reporting that occurred during the registrant's most
                           recent fiscal half-year (the registrant's second
                           fiscal half-year in the case of an annual report)
                           that has materially affected, or is reasonably likely
                           to materially affect, the registrant's internal
                           control over financial reporting; and

5.            The registrant's other certifying officer(s) and I have disclosed
              to the registrant's auditors and the audit committee of the
              registrant's board of directors (or persons performing the
              equivalent functions):

                  (a)      All significant deficiencies and material weaknesses
                           in the design or operation of internal control over
                           financial reporting which are reasonably likely to
                           adversely affect the registrant's ability to record,
                           process, summarize, and report financial information;
                           and

                  (b)      Any fraud, whether or not material, that involves
                           management or other employees who have a significant
                           role in the registrant's internal control over
                           financial reporting.

January 31, 2005                             /s/Paul Schubert
                                             Paul Schubert
                                             Chief Financial Officer
                                             Scudder Municipal Income Trust
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906
<SEQUENCE>23
<FILENAME>cert906.txt
<DESCRIPTION>906 CERTIFICATION
<TEXT>

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Executive Officer
Section 906 Certification under Sarbanes Oxley Act






I, Julian Sluyters, certify that:

1.   I have reviewed this report, filed on behalf of Scudder Municipal Income
     Trust, on Form N-CSR of the Scudder Municipal Income Trust (the "Company");

2.   Based on my knowledge and pursuant to 18 U.S.C. ss. 1350, the periodic
     report on Form N-CSR (the "Report") fully complies with the requirements of
     ss. 13 (a) or ss. 15 (d), as applicable, of the Securities Exchange Act of
     1934 and that the information contained in the Report fairly presents, in
     all material respects, the financial condition and results of operations of
     the Company.




January 31, 2005                             /s/Julian Sluyters
                                             Julian Sluyters
                                             Chief Executive Officer
                                             Scudder Municipal Income Trust

<PAGE>

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Financial Officer
Section 906 Certification under Sarbanes Oxley Act






I, Paul Schubert, certify that:

1.   I have reviewed this report, filed on behalf of Scudder Municipal Income
     Trust, on Form N-CSR of the Scudder Municipal Income Trust (the "Company");

2.   Based on my knowledge and pursuant to 18 U.S.C. ss. 1350, the periodic
     report on Form N-CSR (the "Report") fully complies with the requirements of
     ss. 13 (a) or ss. 15 (d), as applicable, of the Securities Exchange Act of
     1934 and that the information contained in the Report fairly presents, in
     all material respects, the financial condition and results of operations of
     the Company.




January 31, 2005                             /s/Paul Schubert
                                             Paul Schubert
                                             Chief Financial Officer
                                             Scudder Municipal Income Trust
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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