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<SEC-DOCUMENT>0000088053-05-000889.txt : 20050803
<SEC-HEADER>0000088053-05-000889.hdr.sgml : 20050803
<ACCEPTANCE-DATETIME>20050803115541
ACCESSION NUMBER:		0000088053-05-000889
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20050531
FILED AS OF DATE:		20050803
DATE AS OF CHANGE:		20050803
EFFECTIVENESS DATE:		20050803

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		05994516

	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-CSRS
<SEQUENCE>1
<FILENAME>mit.htm
<DESCRIPTION>SEMIANNUAL REPORT
<TEXT>
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<PRE>

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

                                   FORM N-CSRS

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: (212) 454-7190
                                                            --------------

                                  Paul Schubert
                                 345 Park Avenue
                               New York, NY 10154
                     ---------------------------------------
                     (Name and Address of Agent for Service)

Date of fiscal year end:        11/30

Date of reporting period:       05/31/2005

<PAGE>

ITEM 1.  REPORT TO STOCKHOLDERS

</PRE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_40">
<TR>
<TD ID="ID_1386" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<H1 ALIGN="LEFT"><BR>
Scudder Municipal<BR>
Income Trust</H1>
</TD>
</TR>

<TR>
<TD ID="ID_1393" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1389" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<H2 ALIGN="LEFT"><I><FONT COLOR="#000000">&nbsp;</FONT></I></H2>
</TD>
</TR>

<TR>
<TD ID="ID_1391" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1388" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<H2 ALIGN="LEFT">Semiannual Report to Shareholders</H2>
</TD>
</TR>

<TR>
<TD ID="ID_1390" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1387" ALIGN="LEFT" VALIGN="TOP" COLSPAN="2">
<H2 ALIGN="LEFT">May 31, 2005</H2>
</TD>
</TR>

<TR>
<TD ID="ID_1385" 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_39">
<TR>
<TD ID="ID_1384" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Contents</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1303" 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_23">
<TR>
<TD ID="ID_1325" 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="#000000">  </FONT><A HREF="#drip"><FONT COLOR="#3d0000">Click Here</FONT></A><FONT COLOR="#000000">        Dividend Reinvestment Plan</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#smr">Click Here</A></FONT><FONT COLOR="#000000">      Shareholder Meeting Results</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#adinfo">Click Here</A></FONT><FONT COLOR="#000000">   Additional Information</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#priv">Click Here</A></FONT><FONT COLOR="#000000">     Privacy Statement</FONT>
</P>
</TD>
</TR>


</TABLE>
<P 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 in 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_38">
<TR>
<TD ID="ID_1383" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="perfsum" ID="perfsum"></A>Performance Summary  </FONT><B><FONT SIZE="-1" COLOR="#3d0000">May 31, 2005</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1302" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Performance is historical, assumes reinvestment of all dividends and capital gains
distributions, 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_22">
<TR>
<TD ID="ID_1278" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Average Annual Total Returns </FONT></B><FONT SIZE="-2" COLOR="#ffffff">as of 5/31/05</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1346" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Scudder Municipal Income Trust</FONT></B>
</P>
</TD>
<TD ID="ID_1365" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">6-Month<SUP>*</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_1364" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1-Year</FONT></B>
</P>
</TD>
<TD ID="ID_1363" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">3-Year</FONT></B>
</P>
</TD>
<TD ID="ID_1362" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5-Year</FONT></B>
</P>
</TD>
<TD ID="ID_1361" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">10-Year</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1345" 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_1090" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4.25%</FONT></B>
</P>
</TD>
<TD ID="ID_1089" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10.29%</FONT></B>
</P>
</TD>
<TD ID="ID_1088" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8.57%</FONT></B>
</P>
</TD>
<TD ID="ID_1087" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10.29%</FONT></B>
</P>
</TD>
<TD ID="ID_1086" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7.26%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1344" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Based on Market Price</FONT></B>
</P>
</TD>
<TD ID="ID_1085" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.60%</FONT></B>
</P>
</TD>
<TD ID="ID_1084" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">19.90%</FONT></B>
</P>
</TD>
<TD ID="ID_1083" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10.62%</FONT></B>
</P>
</TD>
<TD ID="ID_1082" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">9.80%</FONT></B>
</P>
</TD>
<TD ID="ID_1081" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7.61%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1238" 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_1080" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3.51%</FONT>
</P>
</TD>
<TD ID="ID_1079" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.96%</FONT>
</P>
</TD>
<TD ID="ID_1078" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.00%</FONT>
</P>
</TD>
<TD ID="ID_1077" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.30%</FONT>
</P>
</TD>
<TD ID="ID_1076" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.22%</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>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>*</SUP> Total returns shown for periods less than one year are not annualized.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_21">
<TR>
<TD ID="ID_1272" 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_1138" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1360" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 5/31/05</FONT></B>
</P>
</TD>
<TD ID="ID_1359" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 11/30/04</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1237" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT>
</P>
</TD>
<TD ID="ID_624" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.52</FONT>
</P>
</TD>
<TD ID="ID_623" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.42</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1236" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Market Price</FONT>
</P>
</TD>
<TD ID="ID_622" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.40</FONT>
</P>
</TD>
<TD ID="ID_621" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.03</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_20">
<TR>
<TD ID="ID_1271" 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_1284" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Six Months:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income Dividends (common shareholders) as of 5/31/05</FONT>
</P>
</TD>
<TD ID="ID_620" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .41</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1234" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">May Income Dividend (common shareholders)</FONT>
</P>
</TD>
<TD ID="ID_619" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .0675</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1233" 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;5/31/05<SUP>++</SUP></FONT>
</P>
</TD>
<TD ID="ID_618" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6.47%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1232" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Market Price)
as&nbsp;of&nbsp;5/31/05<SUP>++</SUP></FONT>
</P>
</TD>
<TD ID="ID_617" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6.53%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1231" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Net Asset Value) as of&nbsp;5/31/05<SUP>++</SUP></FONT>
</P>
</TD>
<TD ID="ID_616" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9.95%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1230" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Market Price) as of 5/31/05<SUP>++</SUP></FONT>
</P>
</TD>
<TD ID="ID_615" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.05%</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 gain 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 Lehman Brothers Municipal Bond Index is an unmanaged, unleveraged 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 May 31, 2005. 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_37">
<TR>
<TD ID="ID_1382" 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_1301" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><IMG SRC="mittoin3.gif" ALT="mit_top_margin3"><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 semiannual period ended May 31, 2005?</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 delivered
strong results over the period. The municipal bond
market, as measured by the Lehman Brothers Municipal
Bond Index, delivered a total return of 3.51% for the six
months ended May 31, 2005.<FONT SIZE="-1"><SUP>1</SUP></FONT> The broad bond market, as
measured by the Lehman Brothers Aggregate Bond Index,
delivered a total return of 2.90% 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 Lehman Brothers Municipal Bond Index is an unmanaged, unleveraged market-value-
weighted measure of municipal bonds issued across the United States. Index issues have a
credit&nbsp;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">The relationship between supply of and demand for
municipal issues can be an important factor in the
performance of this market. High demand or low supply
can drive municipal bond prices higher, while low demand
or high supply can have the reverse effect. The supply of
new municipal bond issues was generally high during the
semiannual period. As we entered 2005, municipal
issuance was widely expected to fall off somewhat from the
prior year's pace. However, supply remained strong as
declining long-term interest rates spurred refunding of
existing issues. These same low yields led to soft demand
for municipal bonds among retail investors throughout the
period. Nevertheless, overall demand was supported by
strong interest from institutional investors, such as
insurance companies and hedge funds.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">During the semiannual period, the Federal Reserve Board
(the Fed) increased the federal funds rate &#151; the interbank
overnight lending rate and a benchmark for market
interest rates &#151; from 2.00% to 3.00% in four increments
of 0.25%.</FONT><FONT COLOR="#ffff00"> </FONT><FONT COLOR="#000000">This caused yields on shorter-term bonds,
which are more&nbsp;sensitive to Fed moves, to rise, causing the
fund's borrowing costs to rise as well. At the same time,
long-term interest rates actually declined, as high oil prices
and moderating growth kept expectations for inflation in
check. This meant that long-term bond prices generally
rose over the period. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The overall result of rising short-term yields and
stable-to-declining long-term yields was that both the
taxable and tax-free yield curves experienced significant
flattening over the period.<FONT SIZE="-1"><SUP>3</SUP></FONT> On the municipal bond curve,
yields on two-year issues increased by 57<B> </B>basis points
while bonds with 30-year maturities experienced a yield
decrease of 50 basis points, resulting in a total flattening of
107 basis points. (100 basis points equals one percentage
point. See the yield curve graph on page <A HREF="#yieldcht">6</A> for a depiction
of municipal bond yield changes between the beginning
and end of the period.)</FONT>
</P>
<P ALIGN="LEFT">
</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"><B><FONT SIZE="-1" COLOR="#3d0000">Q:&nbsp;&nbsp;How did Scudder Municipal Income Trust perform for
the six-month period ended May 31, 2005?</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 at net
asset value was 4.25% for the semiannual period. The
fund posted a return based on market value of 6.60%. Its
average peer in the Lipper General Municipal Debt Funds
category for closed-end funds delivered 3.09% in the </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_19">
<TR>
<TD ID="ID_1270" BGCOLOR="#000000" ALIGN="JUSTIFY" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY"><B><FONT SIZE="-2" COLOR="#ffffff"><A NAME="yieldcht" ID="yieldcht"></A>AAA Municipal bond yield curve (as of 11/30/04 and 5/31/05)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ALIGN="RIGHT" VALIGN="BOTTOM"><IMG SRC="mitg1130.gif" ALT="mit_g10k130"></TD>
</TR>

<TR>
<TD ID="ID_441" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">Maturity</FONT>
</P>
</TD>
</TR>


</TABLE>
<P 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"><FONT COLOR="#000000">period.<FONT SIZE="-1"><SUP>4</SUP></FONT> The fund's benchmark, the unmanaged Lehman
Brothers Municipal Bond Index, returned 3.51%. (Please
see page <A HREF="#perfsum">3</A> for more complete performance information.)</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>4</SUP><I> The Lipper General Municipal Debt Funds category includes closed-end funds that invest in general
municipal debt issues in the top four credit grades.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>5</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>
<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
semiannual period?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">We continue to monitor the municipal yield curve and
position the fund's investments along the curve based
upon where we believe the best total return opportunities
lie. At the same time, we do not focus on trying to predict
the overall level of interest rates, and we attempt to keep
the fund's duration and overall interest rate sensitivity
similar to that of its benchmark, the Lehman Brothers
Municipal Bond Index.<FONT SIZE="-1"><SUP>5</SUP></FONT> We also strive to maintain the
durability of the fund's dividend by managing call risk.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Strong individual credit selection helped the fund's
performance for the period. In particular, our holdings
of&nbsp;California general obligation bonds contributed
positively to performance, as these experienced a credit
upgrade. In&nbsp;addition, our exposure to tobacco-related and
other lower-quality issues helped returns as credit spreads
generally tightened over the period. Lastly, following a
market rally, a portion of the revenue bonds in the
portfolio became&nbsp;prerefunded bonds during the period,
when they were&nbsp;refinanced.<FONT SIZE="-1"><SUP>6</SUP></FONT></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Looking ahead, we believe that municipal bond valuations
relative to US government and agency debt are attractive
all along the yield curve. We will continue to take a
prudent approach to investing in the municipal market,
while seeking to maintain an attractive dividend and
minimize taxable capital gains distributions.</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>6</SUP><I> Prerefunded bonds &#151; municipal bonds whose repayment is guaranteed by the funds from a
second bond issue. Proceeds from the secondary issue are usually invested in US Treasuries.</I></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>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_36">
<TR>
<TD ID="ID_1381" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="portsum" ID="portsum"></A>Portfolio Summary    </FONT><B><FONT SIZE="-1" COLOR="#3d0000">May 31, 2005</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1300" 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_8">
<TR>
<TD ID="ID_1269" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Asset Allocation</FONT></B>
</P>
</TD>
<TD ID="ID_228" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">5/31/05</FONT></B>
</P>
</TD>
<TD ID="ID_227" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1229" 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_1228" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Revenue Bonds</FONT>
</P>
</TD>
<TD ID="ID_1075" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">56%</FONT>
</P>
</TD>
<TD ID="ID_1074" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">62%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1227" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">ETM/Prerefunded Bonds</FONT>
</P>
</TD>
<TD ID="ID_1073" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">22%</FONT>
</P>
</TD>
<TD ID="ID_1072" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1226" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">US Government Secured</FONT>
</P>
</TD>
<TD ID="ID_1071" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16%</FONT>
</P>
</TD>
<TD ID="ID_1070" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1225" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lease Obligations</FONT>
</P>
</TD>
<TD ID="ID_1069" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD ID="ID_1068" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1067" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1066" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD ID="ID_1065" 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_7">
<TR>
<TD ID="ID_1268" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Quality</FONT></B>
</P>
</TD>
<TD ID="ID_226" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">5/31/05</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>
</TR>

<TR>
<TD ID="ID_1224" 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_1223" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AAA</FONT>
</P>
</TD>
<TD ID="ID_1064" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">70%</FONT>
</P>
</TD>
<TD ID="ID_1063" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">70%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1222" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AA</FONT>
</P>
</TD>
<TD ID="ID_1062" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
<TD ID="ID_1061" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1221" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">A</FONT>
</P>
</TD>
<TD ID="ID_1060" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
<TD ID="ID_1059" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1220" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BBB</FONT>
</P>
</TD>
<TD ID="ID_1058" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8%</FONT>
</P>
</TD>
<TD ID="ID_1057" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1219" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BB</FONT>
</P>
</TD>
<TD ID="ID_1056" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
<TD ID="ID_1055" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1218" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Not Rated</FONT>
</P>
</TD>
<TD ID="ID_1054" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
<TD ID="ID_1053" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1052" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1051" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD ID="ID_1050" 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_6">
<TR>
<TD ID="ID_1267" 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_224" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">5/31/05</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>
</TR>

<TR>
<TD ID="ID_1217" 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_1216" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Average Maturity</FONT>
</P>
</TD>
<TD ID="ID_1049" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.8 years</FONT>
</P>
</TD>
<TD ID="ID_1048" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.8 years</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1215" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Duration</FONT>
</P>
</TD>
<TD ID="ID_1047" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.0 years</FONT>
</P>
</TD>
<TD ID="ID_1046" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.4 years</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_5">
<TR>
<TD ID="ID_1277" 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">(% of Investment Portfolio)</FONT>
</P>
</TD>
<TD ID="ID_222" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">5/31/05</FONT></B>
</P>
</TD>
<TD ID="ID_221" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1214" 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_1213" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California</FONT>
</P>
</TD>
<TD ID="ID_1045" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
<TD ID="ID_1044" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1212" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas</FONT>
</P>
</TD>
<TD ID="ID_1043" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
<TD ID="ID_1042" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1211" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York</FONT>
</P>
</TD>
<TD ID="ID_1041" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
<TD ID="ID_1040" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1210" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey</FONT>
</P>
</TD>
<TD ID="ID_1039" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
<TD ID="ID_1038" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1209" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado</FONT>
</P>
</TD>
<TD ID="ID_1037" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
<TD ID="ID_1036" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Portfolio composition, quality, interest rate sensitivity and top five state allocations are subject to
change. </FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">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">9</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_35">
<TR>
<TD ID="ID_1380" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="portfolio" ID="portfolio"></A>Investment Portfolio     </FONT><B><FONT SIZE="-1" COLOR="#3d0000">as of May 31, 2005 (Unaudited)</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="mittoin2.gif" ALT="mit_top_margin2"></TD>
</TR>

<TR>
<TD ID="ID_1299" 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_393" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_164" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Principal
Amount ($)</FONT></B>
</P>
</TD>
<TD ID="ID_163" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_392" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1035" 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_1265" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Municipal Bonds and Notes 152.2%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1137" 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_391" 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_1034" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,250,000</FONT>
</P>
</TD>
<TD ID="ID_1033" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,740,627</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_390" 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_1032" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_1031" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,097,540</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_389" 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_1030" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD ID="ID_1029" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,879,500</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_388" 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_1028" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,560,000</FONT>
</P>
</TD>
<TD ID="ID_1027" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,432,264</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_387" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_429" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">25,149,931</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1136" 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_386" 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_1026" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD ID="ID_428" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,834,610</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1135" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">California 17.6%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_385" 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_1025" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,350,000</FONT>
</P>
</TD>
<TD ID="ID_1024" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,036,637</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_1023" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,500,000</FONT>
</P>
</TD>
<TD ID="ID_1022" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,404,315</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_1021" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_1020" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,024,120</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_1019" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1018" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_158" 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_1017" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,080,000</FONT>
</P>
</TD>
<TD ID="ID_1016" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,721,873</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_157" 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_1015" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,730,000</FONT>
</P>
</TD>
<TD ID="ID_1014" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12,815,377</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_1013" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1012" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_156" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 12/1/2020 </FONT>
</P>
</TD>
<TD ID="ID_1011" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,600,000</FONT>
</P>
</TD>
<TD ID="ID_1010" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,939,434</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_155" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 6/1/2026 </FONT>
</P>
</TD>
<TD ID="ID_1009" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_1008" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,067,390</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_154" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 6/1/2031 (b) </FONT>
</P>
</TD>
<TD ID="ID_1007" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,965,000</FONT>
</P>
</TD>
<TD ID="ID_1006" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,267,517</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_153" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.125%, 4/1/2024 </FONT>
</P>
</TD>
<TD ID="ID_1005" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,400,000</FONT>
</P>
</TD>
<TD ID="ID_1004" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,716,008</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_152" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 12/1/2021 </FONT>
</P>
</TD>
<TD ID="ID_1003" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,215,000</FONT>
</P>
</TD>
<TD ID="ID_1002" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,184,301</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_151" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 4/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_1001" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,250,000</FONT>
</P>
</TD>
<TD ID="ID_1000" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,710,063</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_999" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_998" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,772,725</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_997" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_996" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,062,060</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_995" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,570,000</FONT>
</P>
</TD>
<TD ID="ID_994" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,770,098</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_993" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_992" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,232,200</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_427" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">85,724,118</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1134" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Colorado 8.2%</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_991" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD ID="ID_990" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,169,680</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_989" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_988" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,114,650</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_987" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_986" 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, 5.5%, 12/1/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_985" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,145,000</FONT>
</P>
</TD>
<TD ID="ID_984" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,818,431</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%, 12/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_983" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,705,000</FONT>
</P>
</TD>
<TD ID="ID_982" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,449,217</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_148" 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_981" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_980" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,260,900</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_979" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">335,000</FONT>
</P>
</TD>
<TD ID="ID_978" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">345,810</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_977" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD ID="ID_976" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,391,900</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_975" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_974" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,548,750</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_426" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">40,099,338</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1133" 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_973" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,000,000</FONT>
</P>
</TD>
<TD ID="ID_972" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">22,369,400</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_971" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">640,000</FONT>
</P>
</TD>
<TD ID="ID_970" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">701,843</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_969" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_968" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_147" 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_967" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,830,000</FONT>
</P>
</TD>
<TD ID="ID_966" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,440,704</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_146" 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_965" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,860,000</FONT>
</P>
</TD>
<TD ID="ID_964" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,027,902</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_425" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">36,539,849</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1132" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Florida 6.3%</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_963" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,000,000</FONT>
</P>
</TD>
<TD ID="ID_962" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,633,230</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_961" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_960" 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">Series B, Prerefunded, Zero Coupon, 10/1/2022 (b) </FONT>
</P>
</TD>
<TD ID="ID_959" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,735,000</FONT>
</P>
</TD>
<TD ID="ID_958" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,980,373</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_144" 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_957" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,955,000</FONT>
</P>
</TD>
<TD ID="ID_956" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,754,018</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_955" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_954" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,038,690</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_953" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_952" 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">6.0%, 7/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_951" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD ID="ID_950" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,891,190</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_142" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2014 (b) </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">1,135,850</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_360" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Orange County, FL, Health Facilities Authority Revenue,
Orlando Regional Healthcare System, 5.75%, 12/1/2032 </FONT>
</P>
</TD>
<TD ID="ID_947" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_946" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,077,180</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_945" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,850,000</FONT>
</P>
</TD>
<TD ID="ID_944" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,231,444</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_424" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">30,741,975</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1131" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Georgia 0.9%</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_943" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_423" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4,280,360</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1130" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Hawaii 7.3%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_356" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Airport System Revenue, AMT, Series B, 6.5%,
7/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_942" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,800,000</FONT>
</P>
</TD>
<TD ID="ID_941" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,097,560</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_355" 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_940" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_939" 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 D, 6.15%, 1/1/2020 (b) </FONT>
</P>
</TD>
<TD ID="ID_938" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,195,000</FONT>
</P>
</TD>
<TD ID="ID_937" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,404,337</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_140" 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_936" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,200,000</FONT>
</P>
</TD>
<TD ID="ID_935" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,679,688</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_354" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Port Authority Revenue, AMT: </FONT>
</P>
</TD>
<TD ID="ID_934" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_933" 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 A, 6.0%, 7/1/2011 (b) </FONT>
</P>
</TD>
<TD ID="ID_932" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,950,000</FONT>
</P>
</TD>
<TD ID="ID_931" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,317,540</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_138" 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_930" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,135,000</FONT>
</P>
</TD>
<TD ID="ID_929" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,478,408</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_353" 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_928" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,310,000</FONT>
</P>
</TD>
<TD ID="ID_927" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,580,178</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_352" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_422" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">35,557,711</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1129" 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_351" 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_926" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">305,000</FONT>
</P>
</TD>
<TD ID="ID_421" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">305,458</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1128" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Illinois 7.9%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_350" 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_925" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD ID="ID_924" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,852,100</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_349" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Core City General Obligation: </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_137" 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_921" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,085,000</FONT>
</P>
</TD>
<TD ID="ID_920" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,383,530</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_136" 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_919" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_918" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,298,020</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_135" 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_917" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_916" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,298,020</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_348" 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_915" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_914" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_134" 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_913" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_912" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,143,180</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_133" 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_911" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_910" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,143,180</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_347" 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_909" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_908" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_132" 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_907" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,695,000</FONT>
</P>
</TD>
<TD ID="ID_906" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,043,518</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_131" 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_905" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,710,000</FONT>
</P>
</TD>
<TD ID="ID_904" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,931,137</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_346" 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_903" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_902" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,640,575</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_345" 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_901" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_900" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,432,800</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_344" 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_899" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_898" 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 A, ETM, 5.5%, 6/15/2017 (b) </FONT>
</P>
</TD>
<TD ID="ID_897" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,955,000</FONT>
</P>
</TD>
<TD ID="ID_896" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,297,477</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_129" 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_895" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,555,000</FONT>
</P>
</TD>
<TD ID="ID_894" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,802,758</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_343" 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_893" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_892" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,096,200</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_342" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_420" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">38,362,495</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1127" 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_341" 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_891" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_419" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,323,450</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">Kansas 0.7%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_340" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Overland Park, KS, Industrial Development Revenue, Series A,
7.375%, 1/1/2032 </FONT>
</P>
</TD>
<TD ID="ID_890" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_418" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,291,360</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">Kentucky 1.4%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_339" 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_889" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_888" 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">Series A, 6.5%, 10/1/2020 </FONT>
</P>
</TD>
<TD ID="ID_887" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_886" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,226,040</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_127" 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_885" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_884" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,431,320</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_417" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6,657,360</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">Louisiana 0.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_337" 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_883" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_416" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,308,180</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">Maine 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_336" 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_882" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,550,000</FONT>
</P>
</TD>
<TD ID="ID_881" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,584,364</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_335" 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_880" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,165,000</FONT>
</P>
</TD>
<TD ID="ID_879" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,520,782</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_334" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_415" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,105,146</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">Maryland 0.6%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_333" 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_878" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_414" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,822,050</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">Massachusetts 3.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_332" 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_877" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD ID="ID_876" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,681,280</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_331" 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_875" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_874" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,221,500</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_330" 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_873" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_872" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,224,520</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_413" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">17,127,300</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">Michigan 2.1%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_328" 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_871" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_870" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,515,375</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_327" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Michigan, Industrial Development Revenue: </FONT>
</P>
</TD>
<TD ID="ID_869" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_868" 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">5.5%, 6/1/2018 (b) </FONT>
</P>
</TD>
<TD ID="ID_867" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,425,000</FONT>
</P>
</TD>
<TD ID="ID_866" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,750,683</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_125" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.75%, 6/1/2016 (b) </FONT>
</P>
</TD>
<TD ID="ID_865" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,640,000</FONT>
</P>
</TD>
<TD ID="ID_864" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,154,391</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_326" 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">10,420,449</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">Minnesota 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_325" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Minneapolis &amp; St. Paul, MN, Airport Revenue, AMT, Series B,
6.0%, 1/1/2012 (b) </FONT>
</P>
</TD>
<TD ID="ID_863" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,395,000</FONT>
</P>
</TD>
<TD ID="ID_862" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,859,464</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_324" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Minneapolis &amp; St. Paul, MN, Port Authority Revenue, AMT,
Series B, 5.625%, 1/1/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_861" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_860" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,694,625</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_323" 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">7,554,089</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">Missouri 1.1%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_322" 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_859" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_858" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD ID="ID_857" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">760,000</FONT>
</P>
</TD>
<TD ID="ID_856" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">793,189</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD ID="ID_855" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">365,000</FONT>
</P>
</TD>
<TD ID="ID_854" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">376,808</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_321" 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_853" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_852" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_122" 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_851" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_850" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,143,405</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_121" 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_849" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_848" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,048,680</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_320" 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">5,362,082</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">Nevada 2.4%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_319" 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_847" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,705,000</FONT>
</P>
</TD>
<TD ID="ID_846" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,996,707</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_318" 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_845" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,575,000</FONT>
</P>
</TD>
<TD ID="ID_844" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,819,728</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_317" 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_843" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,450,000</FONT>
</P>
</TD>
<TD ID="ID_842" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,061,490</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_316" 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">11,877,925</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">New Jersey 11.0%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_315" 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_841" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_840" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,273,960</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_314" 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_839" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,090,000</FONT>
</P>
</TD>
<TD ID="ID_838" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,168,077</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_313" 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_837" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_836" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,411,700</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_312" 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 (b) </FONT>
</P>
</TD>
<TD ID="ID_835" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,775,000</FONT>
</P>
</TD>
<TD ID="ID_834" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,024,441</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_311" 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_833" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,400,000</FONT>
</P>
</TD>
<TD ID="ID_832" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,441,160</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_310" 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_831" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,350,000</FONT>
</P>
</TD>
<TD ID="ID_830" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,378,999</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_309" 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_829" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD ID="ID_828" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,238,200</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_308" 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_827" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD ID="ID_826" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,607,140</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_307" 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_825" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD ID="ID_824" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,941,280</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_306" 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">53,484,957</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">New York 16.4%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_305" 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_823" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,390,000</FONT>
</P>
</TD>
<TD ID="ID_822" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,850,735</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_304" 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_821" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,770,000</FONT>
</P>
</TD>
<TD ID="ID_820" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,857,350</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_303" 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_819" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_818" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,733,340</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_302" 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_817" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_816" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,049,350</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_301" 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_815" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_814" 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 A-1, 5.25%, 6/1/2022 (b) </FONT>
</P>
</TD>
<TD ID="ID_813" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD ID="ID_812" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,873,600</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_119" 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_811" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,900,000</FONT>
</P>
</TD>
<TD ID="ID_810" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,127,278</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_118" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C-1, 5.5%, 6/1/2019 </FONT>
</P>
</TD>
<TD ID="ID_809" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD ID="ID_808" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,133,765</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_300" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, Transportation/Tolls Revenue: </FONT>
</P>
</TD>
<TD ID="ID_807" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_806" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_117" 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_805" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_804" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,528,800</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_116" 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_803" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_802" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,220,520</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_299" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York City, NY, Municipal Water Finance Authority, Water
&amp; Sewer System Revenue, Series C, 5.0%, 6/15/2027 (b) </FONT>
</P>
</TD>
<TD ID="ID_801" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,825,000</FONT>
</P>
</TD>
<TD ID="ID_800" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,542,323</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_298" 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_799" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_798" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_115" 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_797" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,380,000</FONT>
</P>
</TD>
<TD ID="ID_796" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,037,988</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_114" 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_795" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_794" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,456,050</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_297" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_793" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_792" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_113" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series G, 5.0%, 12/1/2023 </FONT>
</P>
</TD>
<TD ID="ID_791" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_790" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,121,860</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_112" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 5.0%, 11/1/2024 </FONT>
</P>
</TD>
<TD ID="ID_789" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,500,000</FONT>
</P>
</TD>
<TD ID="ID_788" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,959,450</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_296" 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_787" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_786" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_111" 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_785" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,645,000</FONT>
</P>
</TD>
<TD ID="ID_784" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,893,921</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_110" 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_783" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">355,000</FONT>
</P>
</TD>
<TD ID="ID_782" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">408,719</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_109" 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_781" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_780" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,453,960</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_295" 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_779" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,180,000</FONT>
</P>
</TD>
<TD ID="ID_778" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,372,269</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_294" 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">79,621,278</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">North Carolina 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_293" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Charlotte, NC, Airport Revenue, AMT: </FONT>
</P>
</TD>
<TD ID="ID_777" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_776" 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 B, 5.75%, 7/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_775" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,480,000</FONT>
</P>
</TD>
<TD ID="ID_774" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,702,654</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_107" 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_773" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,140,000</FONT>
</P>
</TD>
<TD ID="ID_772" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,245,895</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_292" 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_771" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_770" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_106" 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_769" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_768" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,071,240</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_105" 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_767" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_766" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,358,680</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_291" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_406" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,378,469</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">North Dakota 0.8%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_290" 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_765" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,400,000</FONT>
</P>
</TD>
<TD ID="ID_405" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,788,382</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">Ohio 2.4%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_289" 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_764" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,350,000</FONT>
</P>
</TD>
<TD ID="ID_763" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,413,215</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_288" 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_762" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD ID="ID_761" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,317,860</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_287" 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_760" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_759" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_104" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.125%, 9/1/2016 </FONT>
</P>
</TD>
<TD ID="ID_758" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_757" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,048,620</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_103" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.15%, 9/1/2011 </FONT>
</P>
</TD>
<TD ID="ID_756" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,635,000</FONT>
</P>
</TD>
<TD ID="ID_755" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,681,287</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_286" 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">11,460,982</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">Oregon 3.3%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_285" 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_754" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_753" 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 A, 5.5%, 5/1/2010 (b) </FONT>
</P>
</TD>
<TD ID="ID_752" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,245,000</FONT>
</P>
</TD>
<TD ID="ID_751" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,374,896</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_101" 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_750" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,120,000</FONT>
</P>
</TD>
<TD ID="ID_749" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,246,585</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_284" 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_748" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_747" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,152,770</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_283" 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_746" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_745" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,152,770</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_282" 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_744" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_743" 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">Series A, 5.625%, 6/15/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_742" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,100,000</FONT>
</P>
</TD>
<TD ID="ID_741" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,465,211</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_99" 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_740" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,225,000</FONT>
</P>
</TD>
<TD ID="ID_739" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,497,740</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_98" 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_738" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,820,000</FONT>
</P>
</TD>
<TD ID="ID_737" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,165,676</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_281" 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">16,055,648</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">Pennsylvania 2.3%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_280" 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_736" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,570,000</FONT>
</P>
</TD>
<TD ID="ID_735" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,857,223</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_279" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Pennsylvania, State University, University &amp; College
Improvement Revenue, 5.0%, 9/1/2029 </FONT>
</P>
</TD>
<TD ID="ID_734" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">500,000</FONT>
</P>
</TD>
<TD ID="ID_733" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">534,080</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_278" 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_732" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD ID="ID_731" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,270,350</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_277" 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_730" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD ID="ID_729" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,725,075</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_276" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_402" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11,386,728</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">Rhode Island 0.8%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_275" 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_728" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD ID="ID_401" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4,082,000</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">South Carolina 2.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_274" 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_727" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_726" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,586,430</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_273" 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_725" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_724" 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 C, 7.0%, 8/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_723" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,420,000</FONT>
</P>
</TD>
<TD ID="ID_722" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,288,392</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_96" 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_721" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_720" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,453,700</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_272" 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_719" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_718" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,049,540</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_271" 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">12,378,062</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">Tennessee 2.8%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_270" 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_717" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,690,000</FONT>
</P>
</TD>
<TD ID="ID_716" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,242,388</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_269" 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_715" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_714" 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">EMT, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD ID="ID_713" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,615,000</FONT>
</P>
</TD>
<TD ID="ID_712" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,118,859</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD ID="ID_711" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD ID="ID_710" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,266,648</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_399" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">13,627,895</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">Texas 16.4%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_267" 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_709" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_708" 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">6.0%, 11/15/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_707" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,190,000</FONT>
</P>
</TD>
<TD ID="ID_706" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,544,824</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_92" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2015 (b) </FONT>
</P>
</TD>
<TD ID="ID_705" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,480,000</FONT>
</P>
</TD>
<TD ID="ID_704" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,877,764</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2016 (b) </FONT>
</P>
</TD>
<TD ID="ID_703" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,625,000</FONT>
</P>
</TD>
<TD ID="ID_702" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,039,337</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_266" 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_701" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,965,000</FONT>
</P>
</TD>
<TD ID="ID_700" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,256,665</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_265" 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_699" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,500,000</FONT>
</P>
</TD>
<TD ID="ID_698" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,251,595</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_264" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">El Paso, TX, State General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_697" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_696" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2012 (b) </FONT>
</P>
</TD>
<TD ID="ID_695" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD ID="ID_694" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,062,740</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_693" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD ID="ID_692" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,668,502</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_88" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2014 (b) </FONT>
</P>
</TD>
<TD ID="ID_691" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD ID="ID_690" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,769,462</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_263" 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, Systems, Series A, 6.375%, 6/1/2029 </FONT>
</P>
</TD>
<TD ID="ID_689" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD ID="ID_688" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,108,190</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_262" 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_687" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,300,000</FONT>
</P>
</TD>
<TD ID="ID_686" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,421,737</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_261" 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_685" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,960,000</FONT>
</P>
</TD>
<TD ID="ID_684" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,349,862</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_260" 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_683" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,390,000</FONT>
</P>
</TD>
<TD ID="ID_682" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,938,918</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_259" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Socorro, TX, Independent School District, 5.0%, 8/15/2025 </FONT>
</P>
</TD>
<TD ID="ID_681" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,135,000</FONT>
</P>
</TD>
<TD ID="ID_680" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,483,821</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_258" 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_679" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,500,000</FONT>
</P>
</TD>
<TD ID="ID_678" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,986,810</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_257" 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_677" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_676" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,146,660</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_256" 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_675" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,015,000</FONT>
</P>
</TD>
<TD ID="ID_674" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,040,736</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_255" 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_673" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,605,000</FONT>
</P>
</TD>
<TD ID="ID_672" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,709,722</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_254" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_398" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">79,657,345</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">Utah 0.0%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_253" 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_671" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">30,000</FONT>
</P>
</TD>
<TD ID="ID_397" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">30,068</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">Washington 5.8%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_252" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Airport Revenue, AMT, Series B, 6.0%, 2/1/2013 (b) </FONT>
</P>
</TD>
<TD ID="ID_670" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,355,000</FONT>
</P>
</TD>
<TD ID="ID_669" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,399,925</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_251" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Special Assessment Revenue, AMT: </FONT>
</P>
</TD>
<TD ID="ID_668" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_667" 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 B, 5.5%, 9/1/2011 (b) </FONT>
</P>
</TD>
<TD ID="ID_666" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,085,000</FONT>
</P>
</TD>
<TD ID="ID_665" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,183,268</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_86" 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_664" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,045,000</FONT>
</P>
</TD>
<TD ID="ID_663" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,147,400</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_250" 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 (b) </FONT>
</P>
</TD>
<TD ID="ID_662" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD ID="ID_661" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,763,769</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_249" 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_660" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_659" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,259,290</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_248" 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_658" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD ID="ID_657" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,449,580</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_247" 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_656" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD ID="ID_655" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,639,440</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_246" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, State General Obligation: </FONT>
</P>
</TD>
<TD ID="ID_654" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_653" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_85" 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_652" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_651" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,171,120</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_84" 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_650" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,835,000</FONT>
</P>
</TD>
<TD ID="ID_649" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,239,061</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_245" 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">28,252,853</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">West Virginia 4.5%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_244" 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_648" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_647" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_83" 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_646" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,355,000</FONT>
</P>
</TD>
<TD ID="ID_645" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,638,094</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_82" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_644" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">395,000</FONT>
</P>
</TD>
<TD ID="ID_643" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">438,221</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_243" 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_642" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_641" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_81" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD ID="ID_640" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,645,000</FONT>
</P>
</TD>
<TD ID="ID_639" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,386,598</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_638" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,605,000</FONT>
</P>
</TD>
<TD ID="ID_637" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,894,815</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_242" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital Finance Authority, Oak Hill Hospital,
Series B, 6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD ID="ID_636" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD ID="ID_635" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,361,140</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_241" 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_634" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,740,000</FONT>
</P>
</TD>
<TD ID="ID_633" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,054,251</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_395" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">21,773,119</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">Wisconsin 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_239" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Badge, WI, Tobacco Asset Securitization Corp., 6.125%,
6/1/2027 </FONT>
</P>
</TD>
<TD ID="ID_632" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,435,000</FONT>
</P>
</TD>
<TD ID="ID_631" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,619,053</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_238" 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_630" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD ID="ID_629" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,212,340</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_237" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD ID="ID_394" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,831,393</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_17">
<TR>
<TD ID="ID_236" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_162" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">% of
Net&nbsp;Assets</FONT></B>
</P>
</TD>
<TD ID="ID_161" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_235" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_234" 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_1343" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Investment Portfolio</B> (Cost $676,091,740) (a)</FONT>
</P>
</TD>
<TD ID="ID_614" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        152.2</FONT>
</P>
</TD>
<TD ID="ID_208" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     740,254,415</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1342" 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_613" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2.3</FONT>
</P>
</TD>
<TD ID="ID_207" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     10,967,424</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1341" 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_612" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (54.5)</FONT>
</P>
</TD>
<TD ID="ID_206" 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_1340" 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_611" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        100.0</FONT>
</P>
</TD>
<TD ID="ID_205" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     486,221,839</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    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
May 31, 2005.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(a)  The cost for federal income tax purposes was $675,814,985. At May 31, 2005, net unrealized
appreciation for all securities based on tax cost was $64,439,430. This consisted of aggregate
gross unrealized appreciation for all securities in which there was an excess of value over tax cost
of $66,333,965 and aggregate gross unrealized depreciation for all securities in which there was
an excess of tax cost over value of $1,894,535.</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_4">
<TR>
<TD ID="ID_159" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Insurance Coverage</FONT></B>
</P>
</TD>
<TD ID="ID_160" 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_1208" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ambac Financial Group</FONT>
</P>
</TD>
<TD ID="ID_628" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16.0</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1207" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Guaranty Insurance Company</FONT>
</P>
</TD>
<TD ID="ID_627" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11.7</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1206" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Security Assurance Inc.</FONT>
</P>
</TD>
<TD ID="ID_626" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16.2</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1205" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">MBIA Corp.</FONT>
</P>
</TD>
<TD ID="ID_625" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17.2</FONT>
</P>
</TD>
</TR>


</TABLE>
<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="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_34">
<TR>
<TD ID="ID_1379" 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_1298" 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_14">
<TR>
<TD ID="ID_1276" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Assets and Liabilities </FONT></B><FONT SIZE="-2" COLOR="#ffffff">as of May 31, 2005 (Unaudited) </FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1101" 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_1204" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments in securities, at value (cost $676,091,740)</FONT>
</P>
</TD>
<TD ID="ID_610" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       740,254,415</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1203" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Receivable for investments sold</FONT>
</P>
</TD>
<TD ID="ID_609" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        330,163</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1202" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest receivable</FONT>
</P>
</TD>
<TD ID="ID_608" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12,696,441</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1201" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other assets</FONT>
</P>
</TD>
<TD ID="ID_607" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        34,673</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1200" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total assets</FONT>
</P>
</TD>
<TD ID="ID_606" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        753,315,692</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1100" 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_1199" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Due to custodian bank</FONT>
</P>
</TD>
<TD ID="ID_605" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        771,308</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1198" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends payable</FONT>
</P>
</TD>
<TD ID="ID_604" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        468,044</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1197" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accrued management fee</FONT>
</P>
</TD>
<TD ID="ID_603" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        334,795</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1196" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other accrued expenses and payables</FONT>
</P>
</TD>
<TD ID="ID_602" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        519,706</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1195" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total liabilities</FONT>
</P>
</TD>
<TD ID="ID_601" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,093,853</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1339" 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_204" 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_1338" 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_203" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    486,221,839</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1099" 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_1194" 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_600" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,478,353</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1192" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD ID="ID_599" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        64,162,675</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1191" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accumulated net realized gain (loss)</FONT>
</P>
</TD>
<TD ID="ID_598" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,763,844)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1190" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paid-in capital</FONT>
</P>
</TD>
<TD ID="ID_597" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        426,344,655</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1337" 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">$    486,221,839</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1098" 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_1336" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Net Asset Value</B> per common share ($486,221,839&nbsp;&divide;&nbsp;38,832,628
outstanding shares of beneficial interest, $.01&nbsp;par value, unlimited
number of shares authorized)</FONT>
</P>
</TD>
<TD ID="ID_201" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.52</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<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_11">
<TR>
<TD ID="ID_1378" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1297" 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_13">
<TR>
<TD ID="ID_1275" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Operations </FONT></B><FONT SIZE="-2" COLOR="#ffffff">for the six months ended May 31, 2005 (Unaudited)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1097" 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_1188" 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_596" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       19,609,915</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1186" 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_595" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,057,628</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1184" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Services to shareholders</FONT>
</P>
</TD>
<TD ID="ID_594" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        66,171</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1183" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Custodian fees</FONT>
</P>
</TD>
<TD ID="ID_593" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,342</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1182" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Auditing</FONT>
</P>
</TD>
<TD ID="ID_592" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        21,772</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1181" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Legal</FONT>
</P>
</TD>
<TD ID="ID_591" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        16,979</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1180" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustees' fees and expenses</FONT>
</P>
</TD>
<TD ID="ID_590" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        19,175</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1179" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Reports to shareholders</FONT>
</P>
</TD>
<TD ID="ID_589" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        108,608</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1178" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Remarketing agent fee</FONT>
</P>
</TD>
<TD ID="ID_588" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        315,886</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1177" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Stock exchange listing fees</FONT>
</P>
</TD>
<TD ID="ID_587" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9,485</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1176" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other</FONT>
</P>
</TD>
<TD ID="ID_586" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        102,580</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1175" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses, before expense reductions</FONT>
</P>
</TD>
<TD ID="ID_585" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,731,626</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1174" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expense reductions</FONT>
</P>
</TD>
<TD ID="ID_584" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (2,808)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1173" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses, after expense reductions</FONT>
</P>
</TD>
<TD ID="ID_583" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,728,818</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1335" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net investment income </FONT></B>
</P>
</TD>
<TD ID="ID_200" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     16,881,097</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1096" 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_1172" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) from investments</FONT>
</P>
</TD>
<TD ID="ID_582" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        611,894</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1171" 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_581" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,189,588</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1334" 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_199" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     5,801,482</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1333" 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_198" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (2,889,762)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1332" 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_197" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    19,792,817</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<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_10">
<TR>
<TD ID="ID_1377" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1296" 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_12">
<TR>
<TD ID="ID_1262" 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_1095" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Increase (Decrease) in Net Assets</FONT></B>
</P>
</TD>
<TD ID="ID_1358" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Six Months
Ended May 31,
2005</FONT></B>
</P>
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">(Unaudited)</FONT></B>
</P>
</TD>
<TD ID="ID_1356" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Year Ended
November 30,
2004</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1170" 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_580" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       16,881,097</FONT>
</P>
</TD>
<TD ID="ID_579" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       34,687,112</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1168" 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_578" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        611,894</FONT>
</P>
</TD>
<TD ID="ID_577" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,351,025</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1167" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the
period on investment transactions</FONT>
</P>
</TD>
<TD ID="ID_576" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,189,588</FONT>
</P>
</TD>
<TD ID="ID_575" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (10,049,752)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1166" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT>
</P>
</TD>
<TD ID="ID_574" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (2,889,762)</FONT>
</P>
</TD>
<TD ID="ID_573" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (3,295,705)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1165" 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_572" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        19,792,817</FONT>
</P>
</TD>
<TD ID="ID_571" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        24,692,680</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1164" 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_570" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (15,737,215)</FONT>
</P>
</TD>
<TD ID="ID_569" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (31,454,429)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1331" 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_568" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,055,602</FONT>
</P>
</TD>
<TD ID="ID_567" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,761,749)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1162" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at beginning of period</FONT>
</P>
</TD>
<TD ID="ID_566" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482,166,237</FONT>
</P>
</TD>
<TD ID="ID_565" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        488,927,986</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1161" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at end of period (including undistributed
net investment income of $2,478,353 and $4,224,233,
respectively)</FONT>
</P>
</TD>
<TD ID="ID_196" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    486,221,839</FONT></B>
</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>
</TR>

<TR>
<TD ID="ID_1094" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Other Information</FONT></B>
</P>
</TD>
<TD ID="ID_1355" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1354" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1160" 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_564" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
<TD ID="ID_563" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1159" 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_562" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
<TD ID="ID_561" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
</TR>


</TABLE>
<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_33">
<TR>
<TD ID="ID_1376" 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_1295" 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_1261" 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_220" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2005<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_219" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2004</FONT></B>
</P>
</TD>
<TD ID="ID_218" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2003</FONT></B>
</P>
</TD>
<TD ID="ID_217" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002<SUP>b</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_216" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2001<SUP>c</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_215" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2000<SUP>c</SUP></FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1093" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Selected Per Share Data</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1330" 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_194" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</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_1283" 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>d</SUP></FONT>
</P>
</TD>
<TD ID="ID_560" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .43</FONT>
</P>
</TD>
<TD ID="ID_559" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .89</FONT>
</P>
</TD>
<TD ID="ID_558" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .92</FONT>
</P>
</TD>
<TD ID="ID_557" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
<TD ID="ID_556" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
<TD ID="ID_555" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .93</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1282" 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_554" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .16</FONT>
</P>
</TD>
<TD ID="ID_553" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.16)</FONT>
</P>
</TD>
<TD ID="ID_552" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .36</FONT>
</P>
</TD>
<TD ID="ID_551" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .22</FONT>
</P>
</TD>
<TD ID="ID_550" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .59</FONT>
</P>
</TD>
<TD ID="ID_549" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .42</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1281" 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_548" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.08)</FONT>
</P>
</TD>
<TD ID="ID_547" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.09)</FONT>
</P>
</TD>
<TD ID="ID_546" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.07)</FONT>
</P>
</TD>
<TD ID="ID_545" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.10)</FONT>
</P>
</TD>
<TD ID="ID_544" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.21)</FONT>
</P>
</TD>
<TD ID="ID_543" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.28)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_170" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total from investment
operations</FONT></B>
</P>
</TD>
<TD ID="ID_542" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .51</FONT>
</P>
</TD>
<TD ID="ID_541" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .64</FONT>
</P>
</TD>
<TD ID="ID_540" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.21</FONT>
</P>
</TD>
<TD ID="ID_539" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.03</FONT>
</P>
</TD>
<TD ID="ID_538" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.29</FONT>
</P>
</TD>
<TD ID="ID_537" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1280" 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_536" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.41)</FONT>
</P>
</TD>
<TD ID="ID_535" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD ID="ID_534" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.79)</FONT>
</P>
</TD>
<TD ID="ID_533" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
<TD ID="ID_532" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
<TD ID="ID_531" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.80)</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1279" 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_530" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD ID="ID_529" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD ID="ID_528" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.01)</FONT>
</P>
</TD>
<TD ID="ID_527" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD ID="ID_526" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD ID="ID_525" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_169" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total distributions to common
shareholders</FONT></B>
</P>
</TD>
<TD ID="ID_188" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.41)</FONT></B>
</P>
</TD>
<TD ID="ID_187" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.81)</FONT></B>
</P>
</TD>
<TD ID="ID_186" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.80)</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">     (.72)</FONT></B>
</P>
</TD>
<TD ID="ID_183" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.80)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1329" 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_182" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.52</FONT></B>
</P>
</TD>
<TD ID="ID_181" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD ID="ID_180" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD ID="ID_179" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD ID="ID_178" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
<TD ID="ID_177" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.30</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1328" 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_176" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.40</FONT></B>
</P>
</TD>
<TD ID="ID_175" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.03</FONT></B>
</P>
</TD>
<TD ID="ID_174" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.96</FONT></B>
</P>
</TD>
<TD ID="ID_173" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.06</FONT></B>
</P>
</TD>
<TD ID="ID_172" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.37</FONT></B>
</P>
</TD>
<TD ID="ID_171" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    10.25</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1092" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Total Return </FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1158" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on net asset value (%)<SUP>e</SUP></FONT>
</P>
</TD>
<TD ID="ID_524" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.25<SUP>**</SUP></FONT>
</P>
</TD>
<TD ID="ID_523" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.50</FONT>
</P>
</TD>
<TD ID="ID_522" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.53</FONT>
</P>
</TD>
<TD ID="ID_521" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9.36</FONT>
</P>
</TD>
<TD ID="ID_520" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        11.93</FONT>
</P>
</TD>
<TD ID="ID_519" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.40</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1157" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on market value (%)<SUP>e</SUP></FONT>
</P>
</TD>
<TD ID="ID_518" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6.60<SUP>**</SUP></FONT>
</P>
</TD>
<TD ID="ID_517" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.57</FONT>
</P>
</TD>
<TD ID="ID_516" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        15.63</FONT>
</P>
</TD>
<TD ID="ID_515" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3.76</FONT>
</P>
</TD>
<TD ID="ID_514" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        18.10</FONT>
</P>
</TD>
<TD ID="ID_513" 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_9">
<TR>
<TD ID="ID_1375" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1294" 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_1274" 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_214" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2005<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_213" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2004</FONT></B>
</P>
</TD>
<TD ID="ID_212" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2003</FONT></B>
</P>
</TD>
<TD ID="ID_211" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002<SUP>b</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_210" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2001<SUP>c</SUP></FONT></B>
</P>
</TD>
<TD ID="ID_209" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2000<SUP>c</SUP></FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1091" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<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_1156" 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_512" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        486</FONT>
</P>
</TD>
<TD ID="ID_511" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482</FONT>
</P>
</TD>
<TD ID="ID_510" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        489</FONT>
</P>
</TD>
<TD ID="ID_509" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        473</FONT>
</P>
</TD>
<TD ID="ID_508" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        461</FONT>
</P>
</TD>
<TD ID="ID_507" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        439</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1155" 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_506" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.11<SUP>*</SUP></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_1154" 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">        .72<SUP>*</SUP></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">        .68</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">        .69</FONT>
</P>
</TD>
<TD ID="ID_495" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .77</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1153" 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_494" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6.96<SUP>*</SUP></FONT>
</P>
</TD>
<TD ID="ID_493" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.15</FONT>
</P>
</TD>
<TD ID="ID_492" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.35</FONT>
</P>
</TD>
<TD ID="ID_491" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.51</FONT>
</P>
</TD>
<TD ID="ID_490" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.72</FONT>
</P>
</TD>
<TD ID="ID_489" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        8.48</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1152" 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_488" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.50<SUP>*</SUP></FONT>
</P>
</TD>
<TD ID="ID_487" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.62</FONT>
</P>
</TD>
<TD ID="ID_486" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.75</FONT>
</P>
</TD>
<TD ID="ID_485" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.80</FONT>
</P>
</TD>
<TD ID="ID_484" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.90</FONT>
</P>
</TD>
<TD ID="ID_483" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.23</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1151" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portfolio turnover rate&nbsp;(%)</FONT>
</P>
</TD>
<TD ID="ID_482" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        18<SUP>*</SUP></FONT>
</P>
</TD>
<TD ID="ID_481" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25</FONT>
</P>
</TD>
<TD ID="ID_480" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD ID="ID_479" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD ID="ID_478" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10</FONT>
</P>
</TD>
<TD ID="ID_477" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1150" 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_476" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_475" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_474" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_473" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_472" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD ID="ID_471" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_229" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Asset coverage per share ($)<SUP>f</SUP></FONT>
</P>
</TD>
<TD ID="ID_470" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,174</FONT>
</P>
</TD>
<TD ID="ID_469" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,097</FONT>
</P>
</TD>
<TD ID="ID_468" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,225</FONT>
</P>
</TD>
<TD ID="ID_467" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,900</FONT>
</P>
</TD>
<TD ID="ID_466" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,700</FONT>
</P>
</TD>
<TD ID="ID_465" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,300</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1148" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Liquidation and market value per
share ($)</FONT>
</P>
</TD>
<TD ID="ID_464" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_463" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_462" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_461" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_460" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD ID="ID_459" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_458" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>a</SUP> For the six months ended May 31, 2005 (Unaudited).</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>b</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>c</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>d</SUP> Based on average common shares outstanding during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>e       </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">f    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>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    Annualized</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">**   Not annualized</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_32">
<TR>
<TD ID="ID_1374" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="notes" ID="notes"></A>Notes to Financial Statements    </FONT><B><FONT SIZE="-1" COLOR="#3d0000">(Unaudited)</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1293" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><IMG SRC="mittoin1.gif" ALT="mit_top_margin1"><B><FONT COLOR="#000000">A. Significant Accounting Policies</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Scudder Municipal Income Trust (the ``Fund'') is registered under the Investment
Company Act of 1940, as amended (the ``1940 Act''), as a closed-end, diversified
management investment company organized as a Massachusetts business trust.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require the use of
management estimates. Actual results could differ from those estimates. The policies
described below are followed consistently by the Fund in the preparation of its
financial statements.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Security Valuation.</FONT></B> Investments are stated at value determined as of the close of
regular trading on the New York Stock Exchange on each day the exchange is open
for trading. Debt securities are valued by independent pricing services approved by
the Trustees of the Fund, whose valuations are intended to reflect the mean between
the bid and asked prices. If the pricing services are unable to provide valuations, the
securities are valued at the average of the means based on the most recent bid
quotation and asked or evaluated price obtained from two broker-dealers. Such
services may use various pricing techniques which take into account appropriate
factors such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other data, as well as broker quotes. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Money market instruments purchased with an original or remaining maturity of sixty
days or less, maturing at par, are valued at amortized cost. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Securities and other assets for which market quotations are not readily available or for
which the above valuation procedures are deemed not to reflect fair value are valued
in a manner that is intended to reflect their fair value as determined in accordance
with procedures approved by the Trustees.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Federal Income Taxes.</FONT></B> The Fund's policy is to comply with the requirements of the
Internal Revenue Code, as amended, which are applicable to regulated investment
companies, and to distribute all of its taxable and tax-exempt income to its
shareholders. Accordingly, the Fund paid no federal income taxes and no federal
income tax provision was required. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">At November 30, 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 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">The tax character of current year distributions will be determined at the end of the
current fiscal year.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Remarketed Preferred Shares.</FONT></B> The Fund has issued and outstanding 10,800
Series&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 ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Contingencies.</FONT></B><FONT COLOR="#000000"> In the normal course of business, the Fund may enter into contracts
with service providers that contain general indemnification clauses. The Fund's
maximum exposure under these arrangements is unknown as this would involve
future claims that may be made against the Fund that have not yet been made.
However, based on experience, the Fund expects the risk of loss to be remote.</FONT>
</P>
<P 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 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 six months ended May 31, 2005, purchases and sales of investment
securities (excluding short-term investments) aggregated $65,390,286 and
$67,374,680, 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 six months ended May 31, 2005, the amount
charged&nbsp;to the Fund by SISC aggregated $18,769, of which $12,492 is unpaid at
May 31, 2005.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Typesetting and Filing Fees.</FONT></B> Under an agreement with Deutsche Investment
Management Americas Inc. (&quot;DeIM&quot;), an indirect, wholly owned subsidiary of
Deutsche Bank AG, DeIM is compensated for providing typesetting and regulatory
filing services to the Fund. For the six months ended May 31, 2005, the amount
charged to the Fund by DeIM included in the reports to shareholders aggregated
$10,560, of which $5,280 is unpaid at May&nbsp;31, 2005.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Trustees' Fees and Expenses.</FONT></B> The Fund pays each Trustee not affiliated with the
Advisor retainer fees plus specified amounts for attended board and committee
meetings.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Insurance Brokerage Commissions.</FONT></B> The Fund paid insurance premiums to an
unaffiliated insurance broker in 2002 and 2003. This broker in turn paid a portion
of its commissions to an affiliate of the Advisor, which performed certain insurance
brokerage services for the broker. The Advisor has reimbursed the Fund for the
portion of commissions (plus interest) paid to the affiliate of the Advisor attributable
to the premiums paid by the Fund. The amounts for 2002 and 2003 were $184 and
$155, respectively. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">D. Expense Reductions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">For the six months ended May 31, 2005, the Advisor agreed to reimburse the Fund
$2,683, 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 six months ended May 31, 2005, the
Fund's custodian fees were reduced by $125 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 $1.1&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 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_31">
<TR>
<TD ID="ID_1373" 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_1292" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><IMG SRC="mittoin0.gif" ALT="mit_top_margin0"><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 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 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 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_30">
<TR>
<TD ID="ID_1372" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="smr" ID="smr"></A>Shareholder Meeting Results  </FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1291" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Annual Meeting of Shareholders of Scudder Municipal Income Trust
(the&nbsp;&quot;fund&quot;) was held on May 25, 2005. The following matters were voted
upon by the shareholders of said fund (the resulting votes are presented
below):</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">1.        To elect nine individuals to constitute the Board of Trustees of the fund. </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_2">
<TR>
<TD ID="ID_1327" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1353" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number of Votes:</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1326" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ID="ID_1352" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">For</FONT></B>
</P>
</TD>
<TD ID="ID_1351" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Withheld</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1147" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John W. Ballantine</FONT>
</P>
</TD>
<TD ID="ID_1259" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">33,879,210</FONT>
</P>
</TD>
<TD ID="ID_1258" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">510,704</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1146" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Donald L. Dunaway</FONT>
</P>
</TD>
<TD ID="ID_1257" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">33,868,606</FONT>
</P>
</TD>
<TD ID="ID_1256" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">521,308</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1145" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">James R. Edgar</FONT>
</P>
</TD>
<TD ID="ID_1255" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">33,875,595</FONT>
</P>
</TD>
<TD ID="ID_1254" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">514,320</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1144" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul K. Freeman</FONT>
</P>
</TD>
<TD ID="ID_1253" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">33,878,886</FONT>
</P>
</TD>
<TD ID="ID_1252" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">511,028</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1143" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert B. Hoffman</FONT>
</P>
</TD>
<TD ID="ID_1251" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">33,848,624</FONT>
</P>
</TD>
<TD ID="ID_1250" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">541,290</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1142" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">William McClayton</FONT>
</P>
</TD>
<TD ID="ID_1249" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">33,880,107</FONT>
</P>
</TD>
<TD ID="ID_1248" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">509,808</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1141" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shirley D. Peterson</FONT>
</P>
</TD>
<TD ID="ID_1247" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">33,869,224</FONT>
</P>
</TD>
<TD ID="ID_1246" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">520,691</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1140" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">William N. Shiebler*</FONT>
</P>
</TD>
<TD ID="ID_1245" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">47,775</FONT>
</P>
</TD>
<TD ID="ID_1244" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">0</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1139" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert H. Wadsworth*</FONT>
</P>
</TD>
<TD ID="ID_1243" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">47,775</FONT>
</P>
</TD>
<TD ID="ID_1242" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">0</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">2.        To ratify the selection of Ernst &amp; Young LLP as the Independent Registered
Public Accounting Firm for the fund.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_1">
<TR>
<TD ID="ID_1350" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number of Votes:</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1349" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">For</FONT></B>
</P>
</TD>
<TD ID="ID_1348" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Against</FONT></B>
</P>
</TD>
<TD ID="ID_1347" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Abstain</FONT></B>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1241" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">33,991,563</FONT>
</P>
</TD>
<TD ID="ID_1240" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">123,113</FONT>
</P>
</TD>
<TD ID="ID_1239" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">275,238</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    Elected by preferred shareholders.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_29">
<TR>
<TD ID="ID_1371" 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_1290" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Changes in Trustees and Officers</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">Lewis A. Burnham and John G. Weithers retired from the Board of Trustees
effective May 25, 2005 in connection with the fund's Annual Meeting of
Shareholders.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On May 11, 2005, the Board of Trustees appointed Scott M. McHugh as
Assistant Treasurer of the fund. Kevin Gay and Salvatore Schiavone resigned as
Assistant Treasurers of the fund in connection with their resignation as Vice
President and Director, respectively, of Deutsche Asset Management. </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_28">
<TR>
<TD ID="ID_1370" 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_1289" 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_3">
<TR>
<TD ID="ID_51" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Automated
Information Lines</FONT></B>
</P>
</TD>
<TD ID="ID_78" 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_50" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Web Sites</FONT></B>
</P>
</TD>
<TD ID="ID_77" 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">www.cef.scudder.com </FONT></B>
</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_49" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Written
Correspondence</FONT></B>
</P>
</TD>
<TD ID="ID_75" 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_48" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Proxy Voting</FONT></B>
</P>
</TD>
<TD ID="ID_65" 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_47" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Legal Counsel</FONT></B>
</P>
</TD>
<TD ID="ID_74" 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_46" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Dividend
Reinvestment
Plan Agent</FONT></B>
</P>
</TD>
<TD ID="ID_73" 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_45" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Shareholder
Service Agent</FONT></B>
</P>
</TD>
<TD ID="ID_72" 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_44" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Custodian and
Transfer Agent</FONT></B>
</P>
</TD>
<TD ID="ID_71" 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_43" 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_79" 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_42" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">NYSE Symbol</FONT></B>
</P>
</TD>
<TD ID="ID_53" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">KTF</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_41" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">CUSIP Number</FONT></B>
</P>
</TD>
<TD ID="ID_52" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">81118R604</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_27">
<TR>
<TD ID="ID_1369" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="priv" ID="priv"></A>Privacy Statement</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1288" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">This privacy statement is issued by Deutsche Investment Management Americas Inc.,
Deutsche Asset Management, Inc., Scudder Distributors, Inc., Scudder Investor
Services, Inc., Scudder Trust Company and the Scudder Funds.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000"><FONT SIZE="-1">We never sell customer lists or individual client information. We consider
privacy fundamental to our client relationships and adhere to the policies
and practices described below to protect current and former clients'
information.</FONT> </FONT></B><FONT COLOR="#000000">Internal policies are in place to protect confidentiality, while allowing
client needs&nbsp;to&nbsp;be served. Only individuals who need to do so in carrying out their
job responsibilities may access client information. We maintain physical, electronic
and procedural safeguards that comply with federal and state standards to protect
confidentiality. These safeguards extend to all forms of interaction with us, including
the Internet.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In the normal course of business, clients give us nonpublic personal information on
applications and other forms, on our websites, and through transactions with us or
our affiliates. Examples of the nonpublic personal information collected are name,
address, Social Security number and transaction and balance information. To be able
to serve our clients, certain of this client information is shared with affiliated and
nonaffiliated third party service providers such as transfer agents, custodians, and
broker-dealers to assist us in processing transactions and servicing your account with
us. In addition, we may disclose all of the information we collect to companies that
perform marketing services on our behalf or to other financial institutions with
which we have joint marketing agreements. The organizations described above that
receive client information may only use it for the purpose designated by the Scudder
Companies listed above.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We may also disclose nonpublic personal information about you to other parties as
required or permitted by law. For example, we are required or we may provide
information to government entities or regulatory bodies in response to requests for
information or subpoenas, to private litigants in certain circumstances, to law
enforcement authorities, or any time we believe it necessary to protect the firm. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Questions on this policy may be sent to: </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Scudder Investments<BR>
Attention: Correspondence &#151; Chicago<BR>
P.O. Box 219415<BR>
Kansas City, MO 64121-9415</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">September 2004</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_26">
<TR>
<TD ID="ID_1368" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1287" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><IMG SRC="mitnoge5.gif" ALT="mit_notes_page5"><IMG SRC="mitnoge4.gif" ALT="mit_notes_page4">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_25">
<TR>
<TD ID="ID_1367" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1286" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><IMG SRC="mitnoge3.gif" ALT="mit_notes_page3"><IMG SRC="mitnoge2.gif" ALT="mit_notes_page2">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 ID="ID_24">
<TR>
<TD ID="ID_1366" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Notes</FONT>
</P>
</TD>
</TR>

<TR>
<TD ID="ID_1285" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><IMG SRC="mitnoge1.gif" ALT="mit_notes_page1"><IMG SRC="mitnoge0.gif" ALT="mit_notes_page0">
</P>
<P ALIGN="LEFT"><IMG SRC="mitbaer0.gif" ALT="mit_backcover0">
</P>

<PRE>

ITEM 2.         CODE OF ETHICS.

                Not applicable.

ITEM 3.         AUDIT COMMITTEE FINANCIAL EXPERT.

                Not applicable.

ITEM 4.         PRINCIPAL ACCOUNTANT FEES AND SERVICES.

                Not applicable.

ITEM 5.         AUDIT COMMITTEE OF LISTED REGISTRANTS

                Not Applicable

ITEM 6.         SCHEDULE OF INVESTMENTS

                Not Applicable

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

                Not applicable.

ITEM 8.         PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

                Not applicable.

ITEM 9.         PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
                INVESTMENT COMPANY AND AFFILIATED PURCHASERS


         Period                  Total Number of Shares   Average Price Paid
                                      Purchased               Per Share
December 1- December 31, 2004            N/A                     N/A
January 1- January 31, 2005              N/A                     N/A
February 1-February 28, 2005             N/A                     N/A
March 1- March 31, 2005                  N/A                     N/A
April 1- April 30, 2005                  N/A                     N/A
May 1- May 31, 2005                      N/A                     N/A

                                  Purchased as Part of    Shares they May Yet be
         Period                  Publicly Announced       Purchased under the
                                 Plans or Programs        Plans or Programs
December 1- December 31, 2004            N/A                    N/A
January 1- January 31, 2005              N/A                    N/A
February 1-February 28, 2005             N/A                    N/A
March 1- March 31, 2005                  N/A                    N/A
April 1- April 30, 2005                  N/A                    N/A
May 1- May 31, 2005                      N/A                    N/A

ITEM 10.        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 11.        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 12.        EXHIBITS.

(a)(1)   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:                               August 2, 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:                               August 2, 2005



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

Date:                               August 2, 2005


</PRE>


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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>mitnoge0.gif
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<TEXT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>mitnoge1.gif
<DESCRIPTION>GRAPHIC
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>mitnoge2.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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M1TE&.#EA5@$X`.<!`````/____?W]^_O[]_?W[^_OW]_?T!`0```_P``````
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>mitnoge3.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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M1TE&.#EA5@$X`.<!`````/____?W]^_O[]_?W[^_OW]_?T!`0```_P``````
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`
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>mitnoge4.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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`
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>mitnoge5.gif
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<TEXT>
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`
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>mittoin0.gif
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>15
<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;

<PAGE>

(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 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.

August 2, 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;

<PAGE>

(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 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.

August 2, 2005                                    /s/Paul Schubert
                                                  Paul Schubert
                                                  Chief Financial Officer
                                                  Scudder Municipal Income Trust
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>16
<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 Scudder Municipal Income
         Trust, on Form N-CSR;

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.




August 2, 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;

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.



August 2, 2005                                    /s/Paul Schubert
                                                  Paul Schubert
                                                  Chief Financial Officer
                                                  Scudder Municipal Income Trust
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
