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<SEC-DOCUMENT>0000088053-06-000883.txt : 20060804
<SEC-HEADER>0000088053-06-000883.hdr.sgml : 20060804
<ACCEPTANCE-DATETIME>20060804133059
ACCESSION NUMBER:		0000088053-06-000883
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20060531
FILED AS OF DATE:		20060804
DATE AS OF CHANGE:		20060804
EFFECTIVENESS DATE:		20060804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS 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:		061005059

	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:	SCUDDER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr053106mit.htm
<DESCRIPTION>SEMIANNUAL REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>UNITED STATES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>WASHINGTON, D. C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>FORM N-CSRS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>Investment Company Act file number  811-05655</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><u><font size=2>DWS Municipal Income Trust</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2> (Exact Name of Registrant as Specified in Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:center;'><font size=2>222 South Riverside Plaza</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>Chicago, IL  60606</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font color="#4F4F4F"><font size=2>(Address of principal executive offices) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; (Zip code)</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s Telephone Number, including Area Code: </font><u><font size=2>(212) 454-7190</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Paul Schubert</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>345 Park Avenue</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font size=2>New York, NY 10154</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name and Address of Agent for Service)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="193" style='border-collapse:collapse'>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of fiscal year end:</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>11/30</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="211" style='border-collapse:collapse'>
    <tr >
        <td width="144" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date of reporting period:</font></p> </td>
        <td width="67" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>05/31/06</font></u></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>ITEM 1.</font></B><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><B><font SIZE=2>REPORT TO STOCKHOLDERS</font></B></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>





<P ALIGN="CENTER"><FONT COLOR="#000000">MAY 31, 2006</FONT>
</P>
<H1 CLASS="CLASS_96" ALIGN="CENTER"><FONT COLOR="#000000">Semiannual Report<BR>
to Shareholders</FONT></H1>
<P ALIGN="CENTER"><B><FONT SIZE="+1" COLOR="#0091ff">DWS Municipal Income Trust</FONT></B>
</P>
<P ALIGN="CENTER"><FONT COLOR="#0091ff">(formerly Scudder Municipal Income Trust)</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="mit_cover140.gif" ALT="mit_Cover140"></TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff">Contents</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#perfsum">Click Here</A></FONT></B><FONT COLOR="#000000">       Performance Summary</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#pmr">Click Here</A></FONT></B><FONT COLOR="#000000">   Portfolio Management Review</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#portsum">Click Here</A></FONT></B><FONT COLOR="#000000">       Portfolio Summary</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#portfolio">Click Here</A></FONT></B><FONT COLOR="#000000">    Investment Portfolio</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#fins">Click Here</A></FONT></B><FONT COLOR="#000000"> Financial Statements</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#high">Click Here</A></FONT></B><FONT COLOR="#000000"> Financial Highlights</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#notes">Click Here</A></FONT></B><FONT COLOR="#000000">        Notes to Financial Statements</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#other">Click Here</A></FONT></B><FONT COLOR="#000000">        Other Information</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#smr">Click Here</A></FONT></B><FONT COLOR="#000000">  Shareholder Meeting Results</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#drp">Click Here</A></FONT></B><FONT COLOR="#000000">  Dividend Repurchase Plan</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#addinfo">Click Here</A></FONT></B><FONT COLOR="#000000">      Additional Information</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#priv">Click Here</A></FONT></B><FONT COLOR="#000000"> Privacy Statement</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments in funds involve risk. Certain investors' income may be subject to the
federal Alternative Minimum Tax (AMT), and federal, state and local taxes may apply.
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. Bond investments
are subject to interest-rate risk such that when interest rates rise, the prices of the
bonds, and thus the value of the bond fund, can decline and the investor can lose
principal value. Closed-end funds, unlike open-end funds, are not continuously offered.
There is a one time public offering and once issued, shares of closed-end funds are
sold in the open market through a stock exchange. 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. </FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the
US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Asset Management, Inc., Deutsche Investment Management
Americas Inc. and DWS Trust Company. </FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT&nbsp;A&nbsp;DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</FONT></I>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="perfsum" ID="perfsum"></A>Performance Summary       </FONT><FONT SIZE="-1" COLOR="#0091ff">May 31, 2006</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Performance is historical, assumes reinvestment of all dividend and capital gain
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
www.cef.dws-scudder.com for the Fund's most recent month-end performance.</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Average Annual Total Returns </FONT></B><FONT SIZE="-2" COLOR="#000000">as of 5/31/06</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_57" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">DWS Municipal Income Trust</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">6-Month<SUP>*</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_87" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_87" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">3-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_87" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_87" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">10-Year</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_56" 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 CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1.36%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1.55%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3.98%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7.27%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.93%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Based on Market Price<SUP>(a)</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">-11.24%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">-8.29%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1.70%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5.92%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5.07%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lehman Brothers Municipal Bond Index<SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1.52%</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1.89%</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3.22%</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.27%</FONT>
</P>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.95%</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"><FONT SIZE="-2" COLOR="#000000"><SUP>*</SUP></FONT><FONT SIZE="-2" COLOR="#000000">     </FONT><I><FONT SIZE="-2" COLOR="#000000">Total returns shown for periods less than one year are not annualized.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Net Asset Value and Market Price</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_86" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 5/31/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_86" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT>
</P>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       11.94</FONT>
</P>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.14</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Market Price</FONT>
</P>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       10.68</FONT>
</P>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.40</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Prices and net asset value fluctuate and are not guaranteed.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Distribution Information</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_62" 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 5/31/06</FONT>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .35</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_62" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">May Income Dividends (common shareholders)</FONT>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .0480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_93" 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;5/31/06<SUP>+</SUP><SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.82%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Market Price)
as&nbsp;of&nbsp;5/31/06<SUP>+</SUP><SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.39%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Net Asset Value) as of 5/31/06<SUP>+</SUP><SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.42%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Market Price) as of 5/31/06<SUP>+</SUP><SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8.30%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>(a)</SUP>  </FONT><I><FONT SIZE="-2" COLOR="#000000">Total return based on net asset value reflects changes in the Fund's net asset value
during each period. Total return based on market value reflects changes in market value.
Each figure assumes that dividend and capital gain distributions, if any, were reinvested.
These figures will differ depending upon the level of any discount from or premium to
net asset value at which the Fund's shares traded during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP></FONT><FONT SIZE="-2" COLOR="#000000">     </FONT><I><FONT SIZE="-2" COLOR="#000000">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"><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP></FONT><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP> </FONT><I><FONT SIZE="-2" COLOR="#000000">Current annualized distribution rate is the latest monthly dividend shown as an
annualized percentage of net asset value/market price on May 31, 2006. 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, not guaranteed and will
fluctuate.<A NAME="perfsumend" ID="perfsumend"></A></FONT></I>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="pmr" ID="pmr"></A>Portfolio Management Review</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Philip G. Condon and Eleanor R. Lynch serve as co-lead portfolio
managers of DWS Municipal Income Trust. In the following interview,
the DWS municipal bond team discusses the fund's performance
for&nbsp;the period and the market environment for municipal bonds.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">Q: Will you describe the general market environment during
the&nbsp;semiannual period ended May 31, 2006?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">A: </FONT></B><FONT COLOR="#000000">Municipal bonds delivered tepid results over the period,
although returns were significantly above those in the taxable
market. The municipal bond market, as measured by the Lehman
Brothers Municipal Bond Index, delivered a total return of 1.52%
for the six months ended May 31, 2006.<SUP>1</SUP> The broad bond market,
as measured by the Lehman Brothers Aggregate Bond Index,
delivered a total return of 0.01% for the same period.<SUP>2</SUP></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP><I> The Lehman Brothers Municipal Bond Index is a broad-based, total-return index
comprising more than 46,000 investment-grade, fixed-rate municipal bonds with
maturities 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, unleveraged 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"><FONT SIZE="-2" COLOR="#000000">        </FONT><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 US Federal Reserve Board (the Fed) continued to increase
short-term interest rates as it attempts to move to a neutral
monetary policy. Over the period, the federal funds rate &#151; the
overnight interbank lending rate and a benchmark for interest
rates generally &#151; was raised four times by 0.25%, to 5.00% as of
May 31, 2006. This caused yields on shorter-term bonds, which
are highly sensitive to Fed moves, to rise. Since a bond's yield
moves in the opposite direction of its price, this meant that prices
of short-term bonds generally fell. Interest rates rose to a lesser
extent further out along the curve, and in fact were essentially
unchanged at the longest end of the municipal yield curve.</FONT>
</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 </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Municipal Bond Yield Curve </FONT></B><FONT SIZE="-2" COLOR="#000000">(as of 11/30/05 and 5/31/06)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="mit_yield100.gif" ALT="mit_yield100"></TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><I><FONT SIZE="-2" COLOR="#000000">Performance is historical and does not guarantee future results.</FONT></I></B>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Source: Municipal Market Data, AAA-rated universe</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">This chart is for illustrative purposes only and is not intended to represent the yield of any
DWS fund.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">market. High demand or low supply can drive municipal bond
prices higher, while low demand or high supply can have the
reverse effect. Municipal supply nationally began to ease in late
2005 and, over the first five months of 2006, was down
significantly as compared with the same period in 2005. On the
demand side, interest from institutional investors such as
insurance companies has remained strong, and mutual funds also
provided support. In addition, as yields have risen, individual
investors have begun to display renewed interest in municipal
issues. The combination of lightening supply of and continued
broad demand for municipal issues contributed to their strong
performance relative to most areas of the taxable market.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The municipal bond yield curve flattened during the six-month
period.<SUP>3</SUP> The two-year bond yield increased 35 basis points from
3.24% to 3.59%, while the 30-year yield was essentially
unchanged, falling 2 basis points to 4.53% from 4.55%, resulting
in a total flattening of 37 basis points. (See the accompanying
graph for municipal bond yield for the beginning and the end of
the period.) </FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>3</SUP><I> The yield curve is a graph with a left-to-right line that shows how high or low yields are,
from the shortest to the longest maturities. Typically (and when the yield curve is
characterized as &quot;steep,&quot; this is especially true) the line rises from left to right as
investors who are willing to tie up their money for a longer period are rewarded with
higher yields.</I></FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">Q: How did DWS Municipal Income Trust perform for the
six-month period ended May 31, 2006?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">A: </FONT></B><FONT COLOR="#000000">DWS Municipal Income Trust delivered a total return based on
net asset value of 1.36% for the semiannual period. The fund
posted a return based on market value of -11.24%. Its average
peer in the&nbsp;Lipper General Municipal Debt Funds category
delivered 2.65% in the period.<SUP>4</SUP> The fund's benchmark, the
unmanaged, unleveraged Lehman Brothers Municipal Bond Index,
returned 1.52%. (Past&nbsp;performance is no guarantee of future
results. Please see page <A HREF="#perfsum">4</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 leveraged closed-end funds
that invest in general municipal debt issues in the top four credit grades. Lipper figures
represent the average of the total returns reported by all of the funds designated by
Lipper Inc. as falling into the General Municipal Debt category. For the 1-, 5- and 10-year
periods, this category's average was 3.29% (56 funds), 7.14% (45 funds) and 6.71%
(39&nbsp;funds), respectively, as of 5/31/06. It is not possible to invest directly in a Lipper
category.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We believe the fund's return based on market value is primarily
the result of two reductions in the fund's dividend over the period.
These reductions reflect increased borrowing costs related to the
fund's preferred shares. The new dividend rate is lower than the
current earnings of the fund and is designed to bring distributions
into balance with net earnings over the course of the fund's fiscal
year.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">Q: How was the fund positioned, and how did this positioning
contribute to its performance for the semiannual period ended
May 31, 2006?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">A: </FONT></B><FONT COLOR="#000000">Over the period, we managed the fund to preserve its
earnings capacity, while also seeking to minimize taxable capital
gains distributions. In this vein, we continued to avoid excessive
sales of bonds carrying high distribution yields. However, the rise
in short-term rates has caused the borrowing costs of the fund's
leverage to rise. In response, the fund recently was required to
cut its dividend. For much of the period, we maintained a
relatively defensive posture, meaning that we sought to avoid
taking any undue credit or interest-rate risk. This translated into an
underweighting of both lower-quality and longer-maturity issues
compared with many of our peers.<SUP>5</SUP></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">With respect to credit risk, the yield advantage provided by
BBB-rated vs. AAA-rated issues has for some time been narrow
by historical standards, and we did not feel that we could justify
any significant tilt toward lower quality given the minimal
incremental reward.<SUP>6</SUP> This constrained performance a bit as credit
spreads continued to tighten over the period. Our holdings of
tobacco-related issues helped returns as this sector benefited
from spread tightening and refunding activity (which generally
results in a price increase as affected issues are revalued to their
call date). Ongoing refunding activity is the principal explanation
for the increased representation of prerefunded bonds in the fund
vs. six months ago.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The flattening of the yield curve has significantly reduced the
income advantage provided by longer-term issues. In this vein, we
are currently emphasizing bonds with maturities in the 10- to
15-year range and that are priced to a call. We believe the fund is
currently well positioned should the yield curve steepen and
should quality spreads widen.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We expect to continue to take a prudent approach to investing in
the municipal market, while seeking to maintain an attractive
dividend and minimize capital gains distributions.</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>5</SUP><I> &quot;Overweight&quot; means the fund holds a higher weighting in a given sector or security
than the benchmark. &quot;Underweight&quot; means the fund holds a lower weighting.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>6  </SUP></FONT><I><FONT SIZE="-2" COLOR="#000000">Bond ratings are the alphabetical designations indicating the credit quality of a particular
bond, as measured by the major agencies. Treasuries, which are backed by the
government and therefore free of default risk, are ranked AAA. The riskiest bonds are
generally rated CCC and below.</FONT></I>
</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. Past performance is no guarantee of future results.</FONT></I>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="portsum" ID="portsum"></A>Portfolio Summary</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Asset Allocation</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5/31/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Revenue Bonds</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">45%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">54%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">ETM/Prerefunded Bonds</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">34%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">25%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">US Government Secured</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lease Obligations</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Quality</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5/31/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AAA</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">73%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">70%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AA</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">A</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BBB</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BB</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Interest Rate Sensitivity</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5/31/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Average Maturity</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">4.7 years</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">5.4 years</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Duration</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">4.3 years</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">4.7 years</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Top Five State Allocations </FONT></B><FONT SIZE="-2" COLOR="#000000">(% of Total Investment
Portfolio)</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5/31/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_39" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD CLASS="CLASS_38" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Asset allocation, quality, interest rate sensitivity and state allocations are subject to change.
Duration shown does not account for the leverage position of the Fund.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The quality ratings represent the lower of Moody's Investors Service, Inc. (&quot;Moody's&quot;) or
Standard &amp; Poor's Corporation (&quot;S&amp;P&quot;) credit ratings. The ratings of Moody's and S&amp;P
represent their opinions as to the quality of the securities they rate. Ratings are relative and
subjective and are not absolute standards of quality. The Fund's credit quality does not
remove market risk.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">For more complete details about the Fund's investment portfolio, see page <A HREF="#portfolio">10</A>. A quarterly
Fact Sheet is&nbsp;available upon request. Please see the Additional Information section for
contact information.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be
reviewed and copied at the SEC's Public Reference Room in Washington,
D.C. Information on the operation of the SEC's Public Reference Room
may be obtained by calling (800)&nbsp;SEC-0330.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="portfolio" ID="portfolio"></A>Investment Portfolio  </FONT><FONT SIZE="-1" COLOR="#0091ff">as of May 31, 2006 (Unaudited)</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Principal
Amount ($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">Municipal Bonds and Notes 154.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Alabama 5.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Alabama, Port Authority Revenue, Docks Department, AMT,
6.3%, 10/1/2021 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,250,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,477,205</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,088,050</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,768,180</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Huntsville, AL, Water &amp; Sewer Revenue, AMT, 5.75%,
10/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,560,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,141,994</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">24,475,429</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Arizona 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,739,620</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">California 18.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,350,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,046,265</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.625%, 6/1/2038 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,080,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,839,259</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,730,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,124,345</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series 2, 5.0%, 9/1/2019 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,596,796</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 12/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,600,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,776,594</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 3/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,652,215</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.125%, 4/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,578,112</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 12/1/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,215,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,834,131</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 4/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,250,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,473,188</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State Public Works Board, Lease Revenue,
Department of Mental Health, Series A, 5.5%, 6/1/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,414,850</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State Public Works Board, Various University of
California Projects, Series F, 5.0%, 11/1/2017 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,140,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,375,772</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,696,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,046,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,107,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">84,562,327</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Colorado 7.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,136,320</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 12/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,145,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,545,531</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,705,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,167,619</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,162,180</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">260,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">267,748</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Transportation/Tolls Revenue, Anticipation Note,
Prerefunded, 6.0%, 6/15/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,889,500</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Denver, CO, Airport Revenue, AMT, Series A, 6.0%,
11/15/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,400,050</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">32,568,948</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">District of Columbia 8.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, Ballpark Revenue, Series B-1, 5.0%,
2/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,275,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,407,678</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">21,523,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, ETM, Series A, Prerefunded, 5.5%,
6/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">640,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">676,102</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, Series A-2005, 5.25%, 6/1/2027 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,585,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,688,374</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-2005, 5.25%, 6/1/2027 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,245,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,504,553</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, State General Obligation, Series A,
5.5%, 6/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,860,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,958,431</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">37,758,938</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Florida 6.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,329,160</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dade County, FL, Special Assessment Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, Zero Coupon, 10/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,735,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,035,755</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, Zero Coupon, 10/1/2024 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,955,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,860,835</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,031,350</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,817,214</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,091,420</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,104,590</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Palm Beach County, FL, School District Revenue Lease,
Series A, Prerefunded, 5.75%, 8/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,850,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,095,927</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">30,366,251</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Georgia 0.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4,154,320</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Hawaii 7.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Airport System Revenue, AMT, Series B, 6.5%,
7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,800,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,688,712</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 6.15%, 1/1/2020 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,195,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,324,747</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.2%, 5/1/2026 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,200,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,355,760</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Port Authority Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,950,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,200,455</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,135,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,378,401</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, State General Obligation, Series CT, Prerefunded,
5.75%, 9/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,310,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,475,442</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">34,423,517</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Idaho 0.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">165,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">165,216</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Illinois 8.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,514,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Core City General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.0%, 1/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,085,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,280,990</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.125%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,197,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.125%, 1/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,197,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, O'Hare International Airport Revenue, Series A,
5.0%, 1/1/2019 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,187,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.0%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,094,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 1/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,094,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Development Finance Authority, Hospital Revenue,
Adventist Health System, Sunbelt Obligation, 5.5%,
11/15/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,664,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Health Facilities Authority Revenue, Children's
Memorial Hospital, Series A, Prerefunded, 5.625%,
8/15/2019 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,263,560</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 10/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,695,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,920,976</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 10/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,710,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,853,384</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, ETM, 5.5%, 6/15/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,955,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,178,730</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 6/15/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,555,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,723,375</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,043,880</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">41,213,875</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Indiana 1.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,443,450</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Kansas 0.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,283,380</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Kentucky 1.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.5%, 10/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,151,120</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.625%, 10/1/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,311,520</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6,462,640</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Louisiana 0.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Louisiana, Electric Revenue, 5.75%, 1/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,185,620</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Maine 1.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maine, Hospital &amp; Healthcare Revenue, Series D, 5.7%,
7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">375,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">375,544</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,165,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,351,121</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6,726,665</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Maryland 0.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,805,425</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Massachusetts 3.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Massachusetts, Airport Revenue, AMT, Series B, 5.5%,
7/1/2009 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,376,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,123,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Massachusetts, Port Authority Revenue, AMT, Series B,
5.5%, 7/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,140,190</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">16,639,870</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Michigan 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,516,605</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Michigan, Industrial Development Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.5%, 6/1/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,425,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,645,467</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.75%, 6/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,640,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,981,365</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,143,437</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Minnesota 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,395,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,714,561</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,622,825</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,337,386</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Missouri 0.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Missouri, Hospital &amp; Healthcare Revenue, Lake of the
Ozarks General Hospital, 6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">365,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">372,775</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Nevada 2.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,705,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,894,431</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,575,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,717,037</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,450,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,816,404</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11,427,872</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New Jersey 12.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,168,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,090,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,150,560</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,008,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,775,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,909,364</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,418,326</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,280,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,365,911</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,772,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, State Transportation Trust Fund Authority,
Transportation System, Series D, 5.0%, 6/15/2019 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,238,750</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,344,580</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,579,760</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">56,957,431</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New York 15.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nassau County, NY, Hospital &amp; Healthcare, 6.0%,
8/1/2015&nbsp;(a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,686,693</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,770,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,821,472</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,651,365</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,029,080</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-1, 5.25%, 6/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,572,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-1, 5.5%, 6/1/2019</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,982,817</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, Transportation/Tolls Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 4/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,304,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.75%, 4/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,128,620</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York City, NY, Transitional Finance Authority, Series
A-1, 5.0%, 11/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,324,300</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, Core City General Obligation, Series F,
5.25%, 8/1/2015 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,283,700</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 5.0%, 11/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,195,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,513,401</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series G, 5.0%, 12/1/2023 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,060,720</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 5.0%, 11/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,715,025</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, 5.25%, 8/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,950,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,102,163</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, Prerefunded, 5.25%, 8/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">50,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">51,785</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,645,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,807,279</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">390,021</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 6.125%, 11/15/2015 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,295,950</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Niagara Falls, NY, School District General Obligation, 5.6%,
6/15/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,180,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,310,390</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">72,031,781</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" 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 CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Charlotte, NC, Airport Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,480,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,614,019</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.875%, 7/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,140,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,206,360</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">North Carolina, Electric Revenue, Municipal Power Agency: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 5.375%, 1/1/2017 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,051,370</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.375%, 1/1/2013 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,232,920</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,104,669</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" 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 CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,742,380</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ohio 1.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,311,320</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ohio, Higher Education Revenue, University of Findlay
Project: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.125%, 9/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,020,340</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.15%, 9/1/2011 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,635,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,655,307</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,986,967</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Oregon 3.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Oregon, Other Revenue Lease, Department of
Administrative Services: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 5/1/2010 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,245,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,305,548</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.6%, 5/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,120,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,179,084</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,100,120</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,100,120</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portland, OR, Special Assessment Revenue, Downtown
Waterfront: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.625%, 6/15/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,100,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,331,725</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,225,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,405,114</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2019 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,820,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,048,279</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">15,469,990</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Pennsylvania 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,784,158</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,120,150</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philadelphia, PA, Municipal Authority Revenue, Series B,
5.25%, 11/15/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,631,325</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,535,633</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Rhode Island 0.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4,212,800</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">South Carolina 2.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,554,855</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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, Series A, Prerefunded, 7.375%, 12/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,328,920</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">South Carolina, Jobs Economic Development Authority,
Hospital Facilities Revenue, Palmetto Health: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, Prerefunded, 7.0%, 8/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,825,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,703,053</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 7.0%, 8/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">595,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">686,196</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,098,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">12,371,224</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Tennessee 2.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,690,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,057,602</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">EMT, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,615,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,996,189</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,024,201</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">13,077,992</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Texas 17.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,190,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,424,274</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,480,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,735,571</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,625,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,891,220</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,965,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,199,173</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,004,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">El Paso, TX, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,026,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,611,574</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,709,089</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Granbury, TX, Independent School District, 5.0%, 8/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,365,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,501,585</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,165,775</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,300,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,346,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,960,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,212,490</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,743,153</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,135,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,324,481</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,060,340</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,143,260</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,015,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,016,084</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, State Turnpike Authority, Dallas Northway Revenue,
5.5%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,605,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,250,833</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">81,365,982</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Utah 0.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Utah, State General Obligation, Series A, 5.0%, 7/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,405,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,589,415</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Washington 5.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Airport Revenue, AMT, Series B, 6.0%,
2/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,117,346</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Special Assessment Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.5%, 9/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,085,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,149,579</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 9/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,045,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,108,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,695,066</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,191,460</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,325,290</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,587,240</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 7/1/2013 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,105,420</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 7/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,835,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,089,853</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">27,369,654</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" 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 CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,559,273</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">395,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">426,932</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital Finance Authority, Charleston
Medical Center: </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,645,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,844,741</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2030</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,605,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,053,426</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,740,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,938,677</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">20,823,049</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Wisconsin 2.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,230,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,470,687</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" 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 CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,214,739</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,685,426</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">% of Net
Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Investment Portfolio </B>(Cost&nbsp;$672,969,611)<SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        154.4</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     718,581,354</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Other Assets and Liabilities, Net</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2.5</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     11,692,616</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Preferred Shares, at Redemption Value</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (56.9)</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (265,000,000)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net Assets Applicable to Common Shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        100.0</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     465,273,970</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">*       </FONT><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, 2006.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP></FONT><FONT SIZE="-2" COLOR="#000000">     </FONT><I><FONT SIZE="-2" COLOR="#000000">The cost for federal income tax purposes was $672,642,040. At May 31, 2006, net
unrealized appreciation for all securities based on tax cost was $45,939,314. This
consisted of aggregate gross unrealized appreciation for all securities in which there was
an excess of value over tax cost of $46,851,480 and aggregate gross unrealized
depreciation for all securities in which there was an excess of tax cost over value of
$912,166.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">(a)     </FONT><I><FONT SIZE="-2" COLOR="#000000">Bond is insured by one of these companies:</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Insurance Coverage</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_36" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">As a % of Total
Investment Portfolio</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_92" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ambac Financial Group</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16.4</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_92" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Guaranty Insurance Company</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11.8</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_92" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Security Assurance, Inc.</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17.4</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_92" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">MBIA Corp.</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13.7</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 (escrow 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>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="fins" ID="fins"></A>Financial Statements</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Statement of Assets and Liabilities </FONT></B><FONT SIZE="-2" COLOR="#000000">as of May 31, 2006 (Unaudited)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments in securities, at value (cost&nbsp;$672,969,611)</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       718,581,354</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cash</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        65,054</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Receivable for investments sold</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        360,428</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest receivable</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12,315,219</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other assets</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        8,179</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total assets</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        731,330,234</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Liabilities</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions payable</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        268,344</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accrued management fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        326,240</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other accrued expenses and payables</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        461,680</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total liabilities</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,056,264</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares, at redemption value</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     265,000,000</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    465,273,970</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" 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">Distributions in excess of net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (1,437,557)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        45,611,743</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accumulated net realized gain (loss)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,968,628)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paid-in capital</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        428,068,412</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    465,273,970</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Net Asset Value</B> per common share ($465,273,970&nbsp;&divide;&nbsp;38,973,231
outstanding shares of beneficial interest, $.01&nbsp;par&nbsp;value, unlimited
number of shares authorized)</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.94</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 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Statement of Operations </FONT></B><FONT SIZE="-2" COLOR="#000000">for the six months ended May 31, 2006 (Unaudited)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Investment Income</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" 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 CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       19,298,361</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" 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 CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,015,612</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Services to shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        32,078</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Custodian fees</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        21,868</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Auditing</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        27,954</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Legal</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12,435</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustees' fees and expenses</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        19,163</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Reports to shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        23,863</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Remarketing Agent Fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        330,343</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Stock exchange listing fees</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        11,044</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        68,807</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses before expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,563,167</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (16,843)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses after expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,546,324</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net investment income</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     16,752,037</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Realized and Unrealized Gain (Loss) on Investment Transactions</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) from investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (1,263,986)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" 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 CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (5,097,744)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net gain (loss) on investment transactions</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (6,361,730)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (4,352,768)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_27" 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 CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    6,037,539</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 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Statement of Changes in Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Increase (Decrease) in Net Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_85" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Six Months
Ended May 31,
2006
(Unaudited)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_85" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Year Ended
November 30,
2005</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_50" 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 CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       16,752,037</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       33,783,295</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) on investment transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (1,263,986)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,509,984</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_91" 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 CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (5,097,744)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (8,263,600)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (4,352,768)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,445,486)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_50" 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 CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6,037,539</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        20,584,193</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_50" 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 CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (13,769,762)</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (31,467,994)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Fund share transactions:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net proceeds from shares issued to common
shareholders in reinvestment of distributions</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        655,914</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,067,843</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets from Fund share
transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        655,914</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,067,843</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Increase (decrease) in net assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (7,076,309)</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (9,815,958)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at beginning of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        472,350,279</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482,166,237</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at end of period (including distributions in
excess of net investment income of $1,437,557 and
$67,064, respectively)</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    465,273,970</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    472,350,279</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Other Information</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common shares outstanding at beginning of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,919,429</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shares issued to common shareholders in
reinvestment of distributions</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        53,802</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        86,801</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common shares outstanding at end of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,973,231</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,919,429</FONT>
</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>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="high" ID="high"></A>Financial Highlights</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30,</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2002<SUP>b</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2001<SUP>c</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Selected Per Share Data</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, beginning of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.14</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.30</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_17" 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 CLASS="CLASS_66" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .43</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .87</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .89</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .92</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" 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 CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.16)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .36</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .22</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .59</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" 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 CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.11)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.09)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.07)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.10)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.21)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total from investment operations</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_66" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .15</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .53</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .64</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.21</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.03</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.29</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_17" 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</FONT>
</P>
</TD>
<TD CLASS="CLASS_66" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.35)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.79)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain on investment
transactions to common shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.01)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total distributions to common
shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_66" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.35)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.80)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.94</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.14</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Market value, end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    10.68</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.40</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.03</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.96</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.37</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total Return</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on net asset value&nbsp;(%)<SUP>e</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_66" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.36<SUP>**</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.45</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.50</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.53</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9.36</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        11.93</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on market value&nbsp;(%)<SUP>e</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_66" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (11.24)<SUP>**</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.57</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        15.63</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3.76</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        18.10</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30, </FONT></B><FONT SIZE="-2" COLOR="#000000">(continued)</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2002<SUP>b</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2001<SUP>c</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Ratios to Average Net Assets and Supplemental Data</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets, end of period ($&nbsp;millions)</FONT>
</P>
</TD>
<TD CLASS="CLASS_66" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        465</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        472</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        489</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        473</FONT>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        461</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses&nbsp;(%) (based on net
assets of common shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.09<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.06</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.05</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.09</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" 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 CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" 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 CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.15<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.00</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.35</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.51</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.72</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" 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 CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.57<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.52</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.62</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.75</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.80</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.90</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portfolio turnover rate&nbsp;(%)</FONT>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        31<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        16</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" 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 CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Asset coverage per share&nbsp;($)<SUP>f</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,779</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,912</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,097</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,225</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,900</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,700</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_18" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Liquidation and market value per
share&nbsp;($)</FONT>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_58" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>a</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">For the six months ended May 31, 2006 (Unaudited).</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>b</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">As required, effective December 1, 2001, the Fund has adopted the provisions of the
AICPA Audit and Accounting Guide for Investment Companies and began accreting
market discount on debt securities. 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"><FONT SIZE="-2" COLOR="#000000"><SUP>c</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">In 2001 the Fund changed its method of classifying remarketed preferred shares.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>d</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Based on average common shares outstanding during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>e</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Total return based on net asset value reflects changes in the Fund's net asset value
during each period. Total return based on market value reflects changes in market
value. Each figure assumes that dividend and capital gains distributions, if any, were
reinvested. These figures will differ depending upon the level of any discount from or
premium to net asset value at which the Fund's shares traded during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>f</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Asset coverage per share equals net assets of common shares plus the redemption
value of the remarketed preferred shares divided by the total number of remarketed
preferred shares outstanding at the end of the period.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>*</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Annualized</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>**</SUP>   </FONT><I><FONT SIZE="-2" COLOR="#000000">Not annualized</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#000000"><A NAME="notes" ID="notes"></A></FONT><FONT SIZE="+1" COLOR="#0091ff">Notes to Financial Statements  </FONT><FONT SIZE="-1" COLOR="#0091ff">(Unaudited)</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">A. Significant Accounting Policies</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DWS Municipal Income Trust (formerly 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 a broker-dealer. Such services may
use various pricing techniques which take into account appropriate factors
such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other data, as well as broker quotes. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Money market instruments purchased with an original or remaining
maturity of sixty days or less, maturing at par, are valued at amortized
cost. </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, 2005, the Fund had a net tax basis capital loss
carryforward of approximately $5,746,000 which may be applied against
any realized net taxable capital gains of each succeeding year until fully
utilized or until November 30, 2007 ($821,000), November 30, 2008
($3,602,000) and November&nbsp;30, 2011 ($1,323,000), 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. These differences primarily
relate to certain securities sold at a loss and accretion of market discount
on debt securities. 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="#0091ff">B. Purchases and Sales of Securities</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">During the six months ended May&nbsp;31, 2006, purchases and sales of
investment securities (excluding short-term investments) aggregated
$112,327,759 and $113,264,124, respectively.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">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>  State Street Bank and Trust Company is the
named transfer agent. However, pursuant to a sub-transfer agency
agreement between State Street Bank and Trust Company and DWS
Scudder Investments Service Company (&quot;DWS-SISC&quot;), an affiliate of the
Advisor, DWS-SISC is the transfer agent, dividend-paying agent and
shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DWS-SISC and DST Systems, Inc. (&quot;DST&quot;),
DWS-SISC has delegated certain transfer agent and dividend paying agent
functions to DST. DWS-SISC compensates DST out of the shareholder
servicing fee it receives from the Fund. For the six months ended May&nbsp;31,
2006, the amount charged&nbsp;to the Fund by DWS-SISC aggregated $14,623,
of which $5,099 is unpaid.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Typesetting and Filing Service Fees.</FONT></B> Under an agreement with DeIM, the
Advisor is compensated for providing typesetting and certain regulatory
filing services to the Fund. For the six months ended May&nbsp;31, 2006, the
amount charged to the Fund by DeIM included in the reports to
shareholders aggregated $6,816, all of which is unpaid.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Trustees' Fees and Expenses.</FONT></B> The Fund paid each Trustee not affiliated
with the Advisor retainer fees.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other Related Parties.</FONT></B> Deutsche Bank Trust Co. Americas, an affiliate of
the Advisor, is the transfer agent for the remarketed preferred shares of
the Fund. For the six months ended May&nbsp;31, 2006, the amount charged to
the Fund by Deutsche Bank Trust Co. Americas aggregated $15,457, all of
which has been paid.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">D. Expense Reductions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund has entered into an arrangement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of the Fund's custodian and transfer agent
expenses. During the six months ended May&nbsp;31, 2006, the Fund's
custodian and transfer agent fees were reduced by $412 and $16,431,
respectively, for custodian and transfer agent credits earned.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">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
$750 million revolving credit facility administered by JPMorgan Chase
Bank, N.A. 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="#0091ff">F. Regulatory Matters and Litigation</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Market Timing Related Regulatory and Litigation Matters.</FONT></B> 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 DWS Scudder. The DWS funds' advisors have been
cooperating in connection with these inquiries and are in discussions with
the regulators concerning proposed settlements. Publicity about mutual
fund practices arising from these industry-wide inquiries serves as the
general basis of a number of private lawsuits against the DWS 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 DWS funds,
the funds' investment advisors and their affiliates, and certain individuals,
including in some cases fund Trustees/Directors, officers, and other
parties. Each DWS fund's investment advisor has agreed to indemnify the
applicable DWS 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. It is not possible
to determine with certainty what the outcome of these inquiries will be or
what the effect, if any, would be on the funds or their advisors.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">With respect to the lawsuits, 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 DWS fund is remote and
such actions are not likely to materially affect their ability to perform under
their investment management agreements with the DWS funds.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">With respect to the regulatory matters, Deutsche Asset Management
(&quot;DeAM&quot;) has advised the funds as follows:</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DeAM expects to reach final agreements with regulators in 2006
regarding allegations of improper trading in the DWS funds. DeAM
expects that it will reach settlement agreements with the Securities
and Exchange Commission, the New York Attorney General and the
Illinois Secretary of State providing for payment of disgorgement,
penalties, and investor education contributions totaling approximately
$134 million. Approximately $127 million of this amount would be
distributed to shareholders of the affected DWS funds in accordance
with a distribution plan to be developed by an independent distribution
consultant. DeAM does not believe that any of the DWS funds will be
named as respondents or defendants in any proceedings. The funds'
investment advisors do not believe these amounts will have a material
adverse financial impact on them or materially affect their ability to
perform under their investment management agreements with the
DWS funds. The above-described amounts are not material to
Deutsche Bank, and they have already been reserved.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Based on the settlement discussions thus far, DeAM believes that it
will be able to reach a settlement with the regulators on a basis that is
generally consistent with settlements reached by other advisors, taking
into account the particular facts and circumstances of market timing at
DeAM and at the legacy Scudder and Kemper organizations prior to
their acquisition by DeAM in April 2002. Among the terms of the
expected settled orders, DeAM would be subject to certain
undertakings regarding the conduct of its business in the future,
including maintaining existing management fee reductions for certain
funds for a period of five years. DeAM expects that these settlements
would resolve regulatory allegations that it violated certain provisions of
federal and state securities laws (i) by entering into trading
arrangements that permitted certain investors to engage in market
timing in certain DWS funds and (ii) by failing more generally to take
adequate measures to prevent market timing in the DWS funds,
primarily during the 1999-2001 period. With respect to the trading
arrangements, DeAM expects that the settlement documents will
include allegations related to one legacy DeAM arrangement, as well as
three legacy Scudder and six legacy Kemper arrangements. All of these
trading arrangements originated in businesses that existed prior to the
current DeAM organization, which came together in April 2002 as a
result of the various mergers of the legacy Scudder, Kemper and
Deutsche fund groups, and all of the arrangements were terminated
prior to the start of the regulatory investigations that began in the
summer of 2003. No current DeAM employee approved the trading
arrangements.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">There is no certainty that the final settlement documents will contain the
foregoing terms and conditions. The independent Trustees/Directors of
the DWS funds have carefully monitored these regulatory investigations
with the assistance of independent legal counsel and independent
economic consultants. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other Regulatory Matters.</FONT></B> DeAM is also engaged in settlement
discussions with the Enforcement Staffs of the SEC and the NASD
regarding DeAM's practices during 2001-2003 with respect to directing
brokerage commissions for portfolio transactions by certain DWS funds to
broker-dealers that sold shares in the DWS funds and provided enhanced
marketing and distribution for shares in the DWS funds. In addition, DWS
Scudder Distributors, Inc. is in settlement discussions with the
Enforcement Staff of the NASD regarding DWS Scudder Distributors'
payment of non-cash compensation to associated persons of NASD
member firms, as well as DWS Scudder Distributors' procedures
regarding non-cash compensation regarding entertainment provided to
such associated persons. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#000000"><A NAME="other" ID="other"></A></FONT><FONT SIZE="+1" COLOR="#0091ff">Other Information</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Additional information announced by Deutsche Asset Management
regarding the terms of the expected settlements referred to in the Market
Timing Related Regulatory and Litigation Matters and Other Regulatory
Matters in the Notes to Financial Statements will be made available at
www.dws-scudder.com/regulatory_settlements, which will also disclose
the terms of any final settlement agreements once they are announced.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="smr" ID="smr"></A>Shareholder Meeting Results</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Annual Meeting of Shareholders of DWS Municipal Income Trust (the
&quot;fund&quot;) was held on May 25, 2006. The following matter was voted upon
by the shareholders of said fund (the resulting votes are presented
below).</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">I.        To elect nine individuals to constitute the Board of Trustees of the fund.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_82" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number of Votes:</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">For</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Withheld</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John W. Ballantine</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,620,871</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">954,531</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Donald L. Dunaway</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,564,080</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">1,011,321</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">James R. Edgar</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,587,117</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">988,285</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul K. Freeman</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,623,028</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">952,373</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert B. Hoffman</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,581,855</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">993,547</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">William McClayton</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,622,573</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">952,829</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shirley D. Peterson</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">30,593,608</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">981,794</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Axel Schwarzer*</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">44,434</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">0</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert H. Wadsworth*</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">44,434</FONT>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">0</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">*       </FONT><I><FONT SIZE="-2" COLOR="#000000">Elected by preferred shareholders.</FONT></I>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="drp" ID="drp"></A>Dividend Repurchase Plan</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">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'') that is available to you as a shareholder of DWS
Municipal Income Trust (the ``Fund''). If you wish to participate and your
shares are held in your own name, simply contact DWS 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="#0091ff">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="#0091ff">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="#0091ff">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="#0091ff">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">DWS 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="#0091ff">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="#0091ff">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="#0091ff">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="#0091ff">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="#0091ff">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="#0091ff">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="#0091ff">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="#0091ff">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="#0091ff">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"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="addinfo" ID="addinfo"></A>Additional Information</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="TOP" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Automated
Information Lines</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" 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 CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Web Sites</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">www.dws-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="-2" COLOR="#000000">www.cef.dws-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 CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Written
Correspondence</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Deutsche Investment Management Americas Inc.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">222 South Riverside Plaza</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL 60606</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Proxy Voting</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" 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&nbsp;voted proxies related to its portfolio securities during the
12-month period ended </FONT><FONT SIZE="-2" COLOR="#000000">June&nbsp;30</FONT><FONT SIZE="-2" COLOR="#000000"> is available on our Web site &#151;
www.dws-scudder.com (click on &quot;proxy voting&quot;at the bottom of
the&nbsp;page) &#151; or on the SEC's Web site &#151; www.sec.gov. To obtain a
written copy of the fund's policies and procedures without charge,
upon request, call us toll free at 1-800-621-1048.</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Legal Counsel</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" 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 CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Dividend
Reinvestment
Plan&nbsp;Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" 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 CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Shareholder
Service Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">DWS 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 CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Custodian and
Transfer Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" 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 CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Independent
Registered Public
Accounting Firm</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" 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 CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">NYSE Symbol</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">KTF</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">CUSIP Numbers</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common Shares</FONT>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 106</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A  (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 205</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B  (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 304</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C  (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 403</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D  (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 502</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_12" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series E  (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 601</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="priv" ID="priv"></A>Privacy Statement</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">This privacy statement is issued by DWS Scudder Distributors, Inc.,
Deutsche Investment Management Americas Inc., Deutsche Asset
Management, Inc., Investment Company Capital Corporation, DeAM
Investor Services, Inc., DWS Trust Company and the DWS 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
companies&nbsp;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">DWS Scudder<BR>
Attention: Correspondence &#151; Chicago<BR>
P.O. Box 219415<BR>
Kansas City, MO 64121-9415</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">February 2006</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff">Notes</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff">Notes</FONT></B>
</P>
<P ALIGN="LEFT"><IMG SRC="mit_backcover0.gif" ALT="mit_backcover0">
</P>






<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="248" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 2.</font></B></p> </td>
        <td width="136" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CODE OF ETHICS.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="196" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="100" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="402" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 3.</font></B></p> </td>
        <td width="291" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>AUDIT COMMITTEE FINANCIAL EXPERT.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="196" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="100" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="445" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 4.</font></B></p> </td>
        <td width="333" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PRINCIPAL ACCOUNTANT FEES AND SERVICES.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="196" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="100" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="437" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 5.</font></B></p> </td>
        <td width="325" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>AUDIT COMMITTEE OF LISTED REGISTRANTS</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="197" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="101" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not Applicable</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="326" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 6.</font></B></p> </td>
        <td width="215" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SCHEDULE OF INVESTMENTS</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="197" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="101" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not Applicable</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 7. </font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font></B></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="196" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="100" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 8. </font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</font></B></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="196" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="100" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not applicable.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 9. </font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</font></B></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="200" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="104" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Not Applicable.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="549" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 10.</font></B></p> </td>
        <td width="437" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>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.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="337" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 11.</font></B></p> </td>
        <td width="225" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONTROLS AND PROCEDURES.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="198" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ITEM 12.</font></B></p> </td>
        <td width="87" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS.</font></B></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(1)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>




<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Form N-CSRS Item F</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="339" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td>
        <td  width="16">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="299" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="107" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 28, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="339" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="131" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael G. Clark</font></p> </td>
        <td  width="16">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="299" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="107" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 28, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="315" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td  width="15">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in; text-indent:0.5in;text-align:left;'><font size=2>Chief Financial Officer and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="299" style='border-collapse:collapse'>
    <tr >
        <td width="192" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>
        <td width="107" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 28, 2006</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>



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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>5
<FILENAME>cert-mit.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> <b><font face="Arial" size=4></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSRS Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Michael G. Clark, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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 </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 28, 2006</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'>
<img src="img2.gif"><br> <b><font face="Arial" size=4></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Form N-CSRS Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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 </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 28, 2006</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<TYPE>EX-99.906CERT
<SEQUENCE>8
<FILENAME>cert906-mit.htm
<DESCRIPTION>906 CERTIFICATION
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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> <b><font face="Arial" size=4></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>President</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Michael G. Clark, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSRS (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;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.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 28, 2006</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img2.gif"><br> <b><font face="Arial" size=4></font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Section 906 Certification under Sarbanes Oxley Act</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>I, Paul Schubert, certify that: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSRS (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;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.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 28, 2006</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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