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<SEC-DOCUMENT>0000088053-07-000200.txt : 20070208
<SEC-HEADER>0000088053-07-000200.hdr.sgml : 20070208
<ACCEPTANCE-DATETIME>20070208161637
ACCESSION NUMBER:		0000088053-07-000200
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20061130
FILED AS OF DATE:		20070208
DATE AS OF CHANGE:		20070208
EFFECTIVENESS DATE:		20070208

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		07592791

	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-CSR
<SEQUENCE>1
<FILENAME>ar113006mit.htm
<DESCRIPTION>ANNUAL 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-CSR</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="289" style='border-collapse:collapse; '>
    <tr >
        <td width="212" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>Investment Company Act file number  </p> </td>
        <td width="77" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>811-05655</p> </td> </tr></table>
</div>

<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>


<div align=left>

<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>
</div>

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


<div align=left>

<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>11/30/06</font></u></p> </td> </tr></table>
</div>

<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>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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


</div>






<P ALIGN="CENTER"><FONT COLOR="#000000">NOVEMBER 30, 2006</FONT>
</P>
<H1 CLASS="CLASS_101" ALIGN="CENTER"><FONT COLOR="#000000">Annual Report<BR>
to Shareholders</FONT></H1>
<P ALIGN="CENTER"><B><FONT SIZE="+1" COLOR="#0091ff">DWS Municipal Income Trust</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_3">
<TR CLASS="CLASS_4">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="mit_cover190.gif" ALT="mit_Cover190"></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="#ria">Click Here</A></FONT></B><FONT COLOR="#000000">  Report of Independent Registered Public Accounting Firm</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#tax">Click Here</A></FONT></B><FONT COLOR="#000000">  Tax Information</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="#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="#ima">Click Here</A></FONT></B><FONT COLOR="#000000">  Investment Management Agreement Approval</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">     <A HREF="#to">Click Here</A></FONT></B><FONT COLOR="#000000">   Trustees and Officers</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"><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">November 30, 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>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Fund specific data and performance are provided for informational purposes only
and are not intended for trading purposes.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Returns and rankings based on net asset value during all periods shown reflect a
custodian fee reduction. Without this fee reduction, returns and rankings would have
been lower.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="5">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Average Annual Total Returns </FONT></B><FONT SIZE="-2" COLOR="#000000">as of 11/30/06</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">DWS Municipal Income Trust</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">3-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_67" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">10-Year</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_44" 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_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5.88%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5.28%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7.12%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.71%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_44" 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_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">-6.47%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3.48%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5.86%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4.94%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_44" 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_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.12%</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.69%</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.40%</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.75%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lipper General Closed-End Municipal Debt Funds
(Leveraged) Category<SUP>++</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9.06%</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.25%</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.55%</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.53%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" 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_9">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_66" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 11/30/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_66" 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_7">
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.17</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.14</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Market Price</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       10.98</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" 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>
<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">The Lipper General Closed-End Municipal Debt  Funds (Leveraged) category includes
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
closed-end funds designated by Lipper Inc. as falling into the General Closed-End
Municipal Debt Funds (Leveraged) Category. Category returns assume reinvestment of
all distributions. It is not possible to invest directly into a Lipper category.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" 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_7">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Twelve Months:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income Dividends (common shareholders) as of 11/30/06</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .62</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">November Income Dividends (common shareholders)</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .0400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Net Asset Value)
as&nbsp;of&nbsp;11/30/06<SUP>+</SUP><SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3.94%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Market Price)
as&nbsp;of&nbsp;11/30/06<SUP>+</SUP><SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.37%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Net Asset Value)
as&nbsp;of&nbsp;11/30/06<SUP>+</SUP><SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.06%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Market Price) as of 11/30/06<SUP>+</SUP><SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.72%</FONT>
</P>
</TD>
</TR>


</TABLE>
<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 November 30, 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>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="5">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Lipper Rankings &#151; General Closed-End Municipal Debt Funds
(Leveraged) Category </FONT></B><FONT SIZE="-2" COLOR="#000000">as&nbsp;of&nbsp;11/30/06</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Rank</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_65" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number of
Funds Tracked</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_64" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Percentile
Ranking (%)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">1-Year</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">56</FONT>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">of</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">56</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">99</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">3-Year</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">52</FONT>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">of</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">56</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">92</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5-Year</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">41</FONT>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">of</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">49</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">82</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">10-Year</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">19</FONT>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">of</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">39</FONT>
</P>
</TD>
<TD CLASS="CLASS_75" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">48</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Source: Lipper Inc. Rankings are historical and do not guarantee future results.
Rankings are based on net asset value total return with distributions reinvested.</FONT></B>
</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"><B><FONT COLOR="#0091ff">DWS Municipal Income Trust: A Team Approach to Investing</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Investment Management Americas Inc. (&quot;DeIM&quot; or the
&quot;Advisor&quot;), which is part of Deutsche Asset Management, is the
investment advisor for DWS Municipal Income Trust. DeIM and its
predecessors have more than 80 years of experience managing mutual
funds and DeIM provides a full range of investment advisory services to
institutional and retail clients. DeIM is also responsible for selecting
brokers and dealers and for negotiating brokerage commissions and
dealer charges.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Asset Management is a global asset management organization
that offers a wide range of investing expertise and resources. This
well-resourced global investment platform brings together a wide variety
of experience and investment insight across industries, regions, asset
classes and investing styles.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DeIM is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in
a wide range of financial services, including investment management,
mutual funds, retail, private and commercial banking, investment banking
and insurance.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">Portfolio Management Team</FONT></B>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Philip G. Condon</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager of the
fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        Joined Deutsche Asset Management in 1983 and the fund team in 1998.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        Over 29 years of investment industry experience.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        BA and MBA, University of Massachusetts at Amherst.</FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Eleanor R. Lynch, CFA</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director of Deutsche Asset Management and Co-Lead Portfolio Manager of the fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        Joined Deutsche Asset Management in 1995 and the fund team in 1998.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        Over 19 years of investment industry experience.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        BS, Ursinus College; MS, Drexel University.</FONT>
</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
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
annual period ended November 30, 2006?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">A: </FONT></B><FONT COLOR="#000000">Municipal bonds delivered solid results over the period. The
municipal bond market, as measured by the Lehman Brothers
Municipal Bond Index, delivered a positive total return of 6.12%
for the 12 months ended November 30, 2006.<SUP>1</SUP> The broad bond
market, as measured by the Lehman Brothers Aggregate Bond
Index, delivered a total return of 5.94% for the same period.<SUP>2</SUP></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">For much of the period, the US Federal Reserve Board (the Fed)
continued to gradually increase short-term interest rates as it
attempted to move to a neutral monetary policy. Specifically, the
federal funds rate (fed funds rate) &#151; the overnight interbank
lending rate and a benchmark for interest rates generally &#151; was
raised five times by 0.25%, to its current level of 5.25%. As a
result, yields on shorter-term issues, which are most directly
impacted by Fed rate changes, rose significantly. By contrast,
yields on longer-term municipal bonds fell significantly. Since a
bond's yield moves in the opposite direction of its price, this
meant that long-term bonds generally provided the strongest
performance. </FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP><I> The Lehman Brothers Municipal Bond Index is an unmanaged, unleveraged
market-value-weighted measure of municipal bonds issued across the United States.
Index issues have a credit rating of at least Baa and a maturity of at least two years.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>2</SUP><I> The Lehman Brothers Aggregate Bond Index is an unmanaged, 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"><I><FONT SIZE="-2" COLOR="#000000">     Index returns assume reinvestment of all distributions and, unlike fund returns, do not
include fees or expenses. It is not possible to invest directly into an index.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The relationship between supply of, and demand for, municipal
issues can be an important factor in the performance of this
market. High demand or low supply can drive municipal bond
prices higher, while low demand or high supply can have the
reverse effect. Municipal supply nationally began to ease in late
2005, and remained lower for much of 2006, before beginning to
uptick as rates fell. On the demand side, the municipal market
has&nbsp;been increasingly driven by institutional investors using
nontraditional strategies to benefit in a leveraged fashion from
disparities between the tax-free and taxable markets. In addition,
there has been strong interest from foreign buyers due to
attractive features of the municipal market such as a relatively
steep yield curve and low volatility compared to other available
markets.<SUP>3</SUP> The combination of lightening supply of, and strong
institutional demand for, municipal issues contributed to their
strong performance.</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>3</SUP><I> The yield curve is a graph with a left-to-right line that shows how high or low yields are,
from the shortest to the longest maturities. Typically (and when the yield curve is
characterized as &quot;steep,&quot; this is especially true) the line rises from left to right as
investors who are willing to tie up their money for a longer period are rewarded with
higher yields.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The two-year bond yield increased 21 basis points from 3.24% to
3.45% while the 30-year yield fell 64 basis points to 3.91% from
4.55%, resulting in a total flattening of 85 basis points. (See the
graph below for municipal bond yield changes from the beginning
to the end of the period.) </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" 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 11/30/06)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="mit_yield140.gif" ALT="mit_yield140"></TD>
</TR>


</TABLE>
<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 not intended to represent the yield of any DWS fund.</FONT></I>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">Q: How did DWS Municipal Income Trust perform for the
12-month period ended November 30, 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 (NAV) of 5.88% for the 12-month period ended
November&nbsp;30, 2006. The fund posted a return based on market
value of -6.47% for the annual period. Its average peer in the
Lipper General Closed-End Municipal Debt Funds (leveraged)
category for closed-end funds delivered 9.06% in the period
(based on NAV).<SUP>4</SUP> The fund's benchmark, the unmanaged,
unleveraged Lehman Brothers Municipal Bond Index, returned
6.12%. (Past performance is no guarantee of future results.
Please see pages <A HREF="#perfsum">4</A> through <A HREF="#perfsumend">5</A> for more complete performance
information.)</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        </FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>4</SUP><I> The Lipper General Closed-End Municipal Debt Funds (leveraged) category includes
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
closed-end funds designated by Lipper Inc. as falling into the General Closed-End
Municipal Debt Funds (leveraged) category. For the one-, five- and 10-year periods this
category's average was 9.06% (56 funds), 7.55% (49 funds) and 6.53% (39 funds),
respectively, as of 11/30/06. Category returns assume reinvestment of all distributions.
It is not possible to invest directly into 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 reductions in the fund's dividend over the period.
These reductions reflected increased borrowing costs related to
the fund's preferred shares.</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 annual period ended
November 30, 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, and in this vein we continued to avoid excessive sales of
bonds carrying high distribution yields. As a result, the fund's
duration profile has shortened, with an increase in exposure to
maturities under 10 years.<SUP>5</SUP> The fund's conservative structure with
respect to interest rates constrained returns, given the significant
decline in long-term rates over the year. We expect to move the
fund to a more neutral duration going forward.</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>5</SUP><I> Duration is a measure of bond price volatility. Duration can be defined as the
approximate percentage change in price for a 100-basis-point (one single percentage
point) change in market interest rate levels. A duration of 1.25, for example, means
that&nbsp;the price of a bond or bond portfolio should rise by approximately 1.25% for a
one-percentage-point drop in interest rates, and that it should fall by 1.25% for a
one-percentage-point rise in interest rates.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">With respect to credit risk, the yield advantage provided by
BBB-rated versus AAA-rated issues has for some time been
narrow by historical standards, and we did not feel that we
could&nbsp;justify any significant tilt toward lower quality given the
minimal incremental reward. This held back performance,
as&nbsp;credit spreads tightened 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
over the 12-month period.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">As noted earlier, institutional investors using similar nontraditional
strategies have been driving a fundamental shift in the dynamics
of the municipal market. As a result, we believe the municipal
yield curve has not only flattened but can be expected to remain
flatter than its history suggests is the norm. In addition, as the
use of municipal bonds in hedging strategies increases, their
returns are becoming more influenced by those of other markets.
We are monitoring these trends closely and factoring them into
our decisions with respect to yield curve exposure.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The flattening of the yield curve that has occurred has significantly
reduced the income advantage provided by longer-term issues.
We believe the fund is currently well positioned should the yield
curve steepen going forward and if quality spreads widen. At the
end of the period, the 10-year municipal bond was yielding nearly
80% of the comparable maturity Treasury bond before taking into
account the impact of taxes, reflecting in our view a reasonably
attractive valuation. We will continue to take a prudent approach
to investing in the municipal market, while seeking to maintain a
competitive dividend.</FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The views expressed in this report reflect those of the portfolio manager only through the
end of the period of the report as stated on the cover. The manager's 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_8">
<TR CLASS="CLASS_4">
<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_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<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_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Revenue Bonds</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">47%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">54%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<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_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">32%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">25%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<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_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lease Obligations</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<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_8">
<TR CLASS="CLASS_4">
<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_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<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_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AAA</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">72%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">73%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AA</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">A</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BBB</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BB</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Not Rated</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<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_8">
<TR CLASS="CLASS_4">
<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_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<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_73" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Average Maturity</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">4.5 years</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">5.4 years</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Duration</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">4.1 years</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" 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_8">
<TR CLASS="CLASS_4">
<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">(%&nbsp;of&nbsp;Total&nbsp;Investment&nbsp;Portfolio)</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/05</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<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_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_73" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD CLASS="CLASS_63" 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">13</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 November 30, 2006</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_3">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Principal
Amount ($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">Municipal Bonds and Notes 153.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Alabama 5.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,250,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,431,747</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,103,980</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,918,990</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,560,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,150,726</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">24,605,443</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Arizona 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,737,870</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">California 17.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,350,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,114,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.0%, 6/1/2038 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,666,625</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,080,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,928,609</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,730,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,499,470</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,759,216</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 12/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,600,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,918,688</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 3/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,775,660</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 6/1/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,202,170</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.125%, 4/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,736,424</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 12/1/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,215,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,198,500</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 4/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,250,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,644,875</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,583,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,774,575</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Mount Diablo, CA, Unified School District, Election of 2002,
5.0%, 6/1/2029 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,150,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,124,720</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">84,077,932</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Colorado 6.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,138,240</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,145,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,537,850</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,705,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,150,275</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,156,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">235,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">238,910</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,864,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,397,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">32,483,175</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">District of Columbia 8.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,275,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,490,670</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">21,605,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">640,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">675,430</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,585,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,675,398</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,245,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,499,606</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, Howard University Revenue, Series A,
5.0%, 10/1/2023 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,810,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,042,443</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,860,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,957,036</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">40,945,983</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Florida 6.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,278,850</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dade County, FL, Special Assessment Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,735,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,100,729</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,955,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,986,302</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,048,530</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,814,667</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,089,360</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,112,570</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,850,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,086,265</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">30,517,273</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Georgia 1.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Atlanta, GA, General Obligation, Series A, 5.0%,
12/1/2021&nbsp;(a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,455,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,850,515</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,281,720</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">9,132,235</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Hawaii 7.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,800,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,666,096</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Electric Revenue, Department of Budget &amp;
Finance,&nbsp;AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,195,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,320,027</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,200,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,335,036</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Port Authority Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,950,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,205,824</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,135,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,379,436</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,310,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,466,433</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">34,372,852</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">110,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">110,173</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Illinois 9.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,588,300</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Core City General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,085,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,275,736</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,190,960</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,190,960</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,338,560</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,091,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,091,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Water Revenue, Series A, 5.0%, 11/1/2020 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,615,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,953,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,660,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,252,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,695,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,919,844</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,710,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,852,665</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,955,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,264,457</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,555,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,788,079</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,026,860</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">45,485,981</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,470,150</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,294,630</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kentucky, Economic Development Finance Authority, Health
Systems Revenue, Norton Healthcare: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.5%, 10/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">790,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">877,793</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,210,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,315,875</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.625%, 10/1/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,130,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,491,734</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">870,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">970,876</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6,656,278</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,224,420</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">375,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">375,577</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,165,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,347,731</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6,723,308</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,786,850</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Massachusetts 3.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,369,840</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,108,950</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,155,010</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">16,633,800</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Michigan 2.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,511,055</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Michigan, Industrial Development Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.5%, 6/1/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,425,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,640,261</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.75%, 6/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,640,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,969,487</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,120,803</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Minneapolis &amp; St. Paul, MN, Airport Revenue, AMT,
Series&nbsp;B, 6.0%, 1/1/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,395,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,706,386</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,624,250</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,330,636</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">365,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">372,939</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Nevada 2.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,073,320</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,575,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,705,707</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,450,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,797,438</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">9,576,465</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New Jersey 11.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,324,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,090,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,184,863</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,217,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,775,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,803,554</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,444,674</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,280,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,427,265</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,748,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,315,360</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,562,640</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">52,028,156</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New York 14.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,669,878</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,770,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,824,339</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,697,175</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,030,700</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,807,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,900,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,090,874</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, Tobacco Settlement Financing Corp.,
Series&nbsp;B-1C, 5.5%, 6/1/2019 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,052,530</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, Transportation/Tolls Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,287,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,120,520</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,321,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,157,120</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,986,225</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">50,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">51,492</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,950,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,083,601</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, Municipal Water Finance Authority, Water &amp;
Sewer Systems Revenue, Series D, 5.0%, 6/15/2037 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,340,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,645,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,801,324</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">388,736</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,284,040</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,180,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,340,055</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">67,335,209</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Charlotte, NC, Airport Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,480,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,613,548</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,140,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,204,433</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,071,640</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,241,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,131,421</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,781,310</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ohio 1.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,882,280</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Oregon 2.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Oregon, Other Revenue Lease, Department of
Administrative Services, Series A, 5.6%, 5/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,120,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,159,199</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,096,240</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,096,240</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,100,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,331,043</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,225,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,404,246</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,820,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,047,179</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">13,134,147</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Pennsylvania 2.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,806,903</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,304,500</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,708,025</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,819,428</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Puerto Rico 0.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Commonwealth of Puerto Rico, Public Improvement, Series
A, 5.25%, 7/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1,094,100</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4,306,680</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">South Carolina 2.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,588,830</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">South Carolina, Jobs Economic Development Authority,
Hospital Facilities Revenue, Palmetto Health Alliance: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,825,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,769,156</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">595,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">707,550</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 7.375%, 12/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,314,160</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,139,580</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">12,519,276</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Tennessee 4.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue,
5.0%, 12/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,218,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Memphis-Shelby County, TN, Airport Revenue, AMT,
Series&nbsp;D, 6.25%, 3/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,690,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,069,890</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,051,213</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">EMT, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,615,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,012,297</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tennessee, Energy Acquisition Corp., Gas Revenue,
Series&nbsp;A, 5.25%, 9/1/2019 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,878,150</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">23,229,950</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Texas 18.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Austin, TX, Sales &amp; Special Tax Revenue, Hotel
Occupancy&nbsp;Tax: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,190,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,410,844</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,480,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,720,920</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,625,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,875,959</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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&nbsp;C, 5.75%, 5/1/2036 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,965,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,227,840</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,079,995</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">El Paso, TX, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,016,340</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,595,654</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,692,206</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,365,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,610,578</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,176,060</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,300,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,332,241</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,960,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,236,329</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,757,220</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,135,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,507,236</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,044,950</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,169,340</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,015,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,017,128</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,605,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,173,718</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, White Settlement, Independent School District,
5.125%, 8/15/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,035,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,458,192</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Travis County, TX, Health Facilities Development Corp.,
Retirement Facility Revenue, Querencia Barton Creek,
Series C, 3.48%*, 11/15/2035, LaSalle Bank NA (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">700,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">700,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">87,802,750</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Washington 5.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,237,012</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Special Assessment Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,085,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,153,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,045,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,110,030</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,701,817</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,186,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,352,440</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,615,380</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, State General Obligation, Series A, 5.5%,
7/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,835,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,072,544</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">25,429,503</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">West Virginia 4.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,606,961</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">395,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">436,969</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,645,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,788,029</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,605,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,032,229</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,740,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,993,779</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">20,857,967</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_45" 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_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,195,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,542,051</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,249,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,791,531</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_3">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">% of Net
Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Investment Portfolio </B>(Cost&nbsp;$674,804,929)<SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        153.4</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     727,802,904</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2.5</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     11,517,742</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_15" 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_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (55.9)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (265,000,000)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_94" 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"><FONT SIZE="-2" COLOR="#000000">        100.0</FONT>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     474,320,646</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 rate as of November 30, 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 $674,393,760. At November 30, 2006, net
unrealized appreciation for all securities based on tax cost was $53,409,144. This
consisted of aggregate gross unrealized appreciation for all securities in which there was
an excess of value over tax cost of $53,460,681 and aggregate gross unrealized
depreciation for all securities in which there was an excess of tax cost over value of
$51,537.</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_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Insurance Coverage</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_34" 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_7">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ambac Financial Group</FONT>
</P>
</TD>
<TD CLASS="CLASS_70" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16.9</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Guaranty Insurance Company</FONT>
</P>
</TD>
<TD CLASS="CLASS_70" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12.5</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Security Assurance, Inc.</FONT>
</P>
</TD>
<TD CLASS="CLASS_70" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15.7</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">MBIA Corp.</FONT>
</P>
</TD>
<TD CLASS="CLASS_70" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13.2</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">(b)     </FONT><I><FONT SIZE="-2" COLOR="#000000">Securitiy incorporates a letter of credit from a major bank.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">AMT: Subject to alternative minimum tax.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by
US Treasury securities which are held in escrow and used to repay principal and pay interest
on bonds so designated.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury
securities which are held in escrow and are used to repay principal and pay 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_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" 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 November 30, 2006</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments in securities, at value (cost&nbsp;$674,804,929)</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       727,802,904</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Cash</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        42,998</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Receivable for investments sold</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        40,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest receivable</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12,616,372</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other assets</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        917</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total assets</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        740,503,191</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Liabilities</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions payable</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        375,798</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accrued management fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        334,485</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other accrued expenses and payables</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        472,262</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total liabilities</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,182,545</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     265,000,000</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    474,320,646</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" 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_7">
<TD CLASS="CLASS_26" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (251,858)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        52,997,975</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accumulated net realized gain (loss)</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,493,883)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paid-in capital</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        428,068,412</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    474,320,646</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" 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_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Net Asset Value</B> per common share ($474,320,646&nbsp;&divide;&nbsp;38,973,231
outstanding shares of beneficial interest, $.01&nbsp;par&nbsp;value, unlimited
number of shares authorized)</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.17</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_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" 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 year ended November 30, 2006</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" 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_7">
<TD CLASS="CLASS_26" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       38,553,447</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" 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_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,036,365</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Services to shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        51,146</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Custodian fees</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        51,421</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Auditing</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        61,999</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Legal</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        20,788</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustees' fees and expenses</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        28,636</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Reports to shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        73,049</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Remarketing agent fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        662,501</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Stock exchange listing fees</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        44,362</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        149,885</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses before expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,180,152</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (48,487)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses after expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,131,665</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net investment income</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     33,421,782</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" 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_7">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) from investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (898,315)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" 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_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,288,488</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     1,390,173</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" 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_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (9,282,908)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_26" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    25,529,047</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_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" 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_9">
<TD CLASS="CLASS_92" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_62" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30, </FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_91" 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_61" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_53" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       33,421,782</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       33,783,295</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" 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_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (898,315)</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,509,984</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" 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_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,288,488</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (8,263,600)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (9,282,908)</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,445,486)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_53" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25,529,047</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        20,584,193</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_53" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (24,214,594)</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (31,467,994)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" 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_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        655,914</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,067,843</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_53" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        655,914</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,067,843</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_53" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,970,367</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (9,815,958)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at beginning of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        472,350,279</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482,166,237</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_53" 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 $251,858 and
$67,064, respectively)</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    474,320,646</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    472,350,279</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" 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_7">
<TD CLASS="CLASS_53" 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_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,919,429</FONT>
</P>
</TD>
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" 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_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        53,802</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        86,801</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" 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_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,973,231</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" 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_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30,</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2002</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Selected Per Share Data</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_90" 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_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.14</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<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>a</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .86</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .87</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .89</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .92</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" 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_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .03</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.16)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .36</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .22</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" 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_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.24)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.09)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.07)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.10)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<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_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .65</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .53</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .64</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.21</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.03</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<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_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.62)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.79)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" 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_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.01)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<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_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.62)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.80)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_90" 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_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.17</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.14</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_90" 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_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    10.98</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.40</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.03</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.96</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.06</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total Return</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on net asset value&nbsp;(%)<SUP>b</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.88<SUP>d</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.45</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.50</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.53</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9.36</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on market value&nbsp;(%)<SUP>b</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6.47)</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.57</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        15.63</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3.76</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_3">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_89" 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_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2002</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<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_7">
<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_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        474</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        472</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        489</FONT>
</P>
</TD>
<TD CLASS="CLASS_78" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        473</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses before custodian fee
reductions&nbsp;(%) (based on net assets of common
shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.06</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.05</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses after custodian fee
reductions&nbsp;(%) (based on net assets of common
shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.09</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.06</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.05</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses before custodian fee reductions
(%) (based on net assets of common and
remarketed preferred shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses after custodian fee reductions
(%) (based on net assets of common and
remarketed preferred shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .70</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" 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_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.13</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.00</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.35</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.51</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" 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_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.55</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.52</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.62</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.75</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.80</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portfolio turnover rate&nbsp;(%)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        33</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        16</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares information at end
of&nbsp;period:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Aggregate amount outstanding ($&nbsp;millions)</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Asset coverage per share&nbsp;($)<SUP>c</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,949</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,912</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,097</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,225</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_19" 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_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>a</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>b</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>c</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>d</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Total return would have been lower had certain fees not been reduced.</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></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 mean of the most recent bid and asked quotations 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">In September 2006, FASB released Statement of Financial Accounting
Standards No. 157, &quot;Fair Value Measurements&quot; (&quot;FAS 157&quot;). FAS 157
defines fair value, establishes a framework for measuring fair value and
expands disclosures about fair value measurements. FAS 157 is effective
for fiscal years beginning after November 15, 2007. As of November 30,
2006, management does not believe the adoption of FAS 157 will impact
the amounts reported in the financial statements, however, additional
disclosures will be required about the inputs used to develop the
measurements of fair value and the effect of certain of the measurements
reported in the statement of operations for a fiscal period.</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, 2006, the Fund had a net tax basis capital loss
carryforward of approximately $6,659,000 which may be applied against
any realized net taxable capital gains of each succeeding year until fully
utilized or until November 30, 2007 ($822,000), November 30, 2008
($3,602,000), November&nbsp;30, 2011 ($1,323,000) and November 30, 2014
($912,000), the respective expiration dates, whichever occurs first. In
addition, from November 1, 2006 through November 30, 2006, the Fund
incurred approximately $1,105 of net realized capital losses. As permitted
by tax regulations, the Fund intends to elect to defer these losses and
treat them as arising in the fiscal year ending November 30, 2007.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In July 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 48, &quot;Accounting for Uncertainty in Income Taxes &#151; an
interpretation of FASB Statement No. 109&quot; (the &quot;Interpretation&quot;). The
Interpretation establishes for the Fund a minimum threshold for financial
statement recognition of the benefit of positions taken in filing tax returns
(including whether the Fund is taxable in certain jurisdictions), and
requires certain expanded tax disclosures. The Interpretation is effective
for fiscal years beginning after December 15, 2006. Management has
begun to evaluate the application of the Interpretation to the Fund and is
not in a position at this time to estimate the significance of its impact, if
any, on the Fund's financial statements. </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">At November 30, 2006, the Fund's components of distributable earnings
(accumulated losses) on a tax-basis were as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_7">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed tax-exempt income</FONT>
</P>
</TD>
<TD CLASS="CLASS_61" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       155,320</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Capital loss carryforwards</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       (6,659,000)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       53,409,144</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">In addition, the tax character of distributions paid to shareholders by the
Fund is summarized as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_87" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_59" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30,</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_87" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_58" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_58" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions from ordinary income</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       48,947</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions from tax-exempt income</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       33,448,555</FONT>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       37,913,480</FONT>
</P>
</TD>
</TR>


</TABLE>
<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 year ended November 30, 2006, purchases and sales of
investment securities (excluding short-term investments) aggregated
$237,511,817 and $236,900,870, 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, 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 year ended November 30,
2006, the amount charged&nbsp;to the Fund by DWS-SISC aggregated $29,259,
of which $7,719 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,
DeIM is compensated for providing typesetting and certain regulatory
filing services to the Fund. For the year ended November 30, 2006, the
amount charged to the Fund by DeIM included in the Statement of
Operations under &quot;reports to shareholders&quot; aggregated $9,120, of which
$4,560 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 plus specified amounts for various
committee services and for the Board Chairperson.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other Related Parties.</FONT></B> Deutsche Bank Trust Company Americas, an
affiliate of the Advisor, charges an Administration fee for the remarketed
preferred shares. For the year ended November 30, 2006, the amount
charged to the Fund by Deutsche Bank Trust Company Americas
aggregated $30,999, of which $5,999 is unpaid.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#0091ff">D. Expense Reductions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">For the year ended November 30, 2006, the Advisor agreed to reimburse
the Fund $2,487, which represents a portion of the fee savings expected
to be realized by the Advisor related to the outsourcing by the Advisor of
certain administrative services to an unaffiliated service provider.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In addition, the Fund has entered into an arrangement with its custodian
and transfer agent whereby credits realized as a result of uninvested cash
balances are used to reduce a portion of the Fund's custodian expenses.
During the year ended November 30, 2006, the Fund's custodian fees
were reduced by $573 and $45,427, 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">Regulatory Settlements.</FONT></B> On December&nbsp;21, 2006, Deutsche Asset
Management (&quot;DeAM&quot;) settled proceedings with the Securities and
Exchange Commission (&quot;SEC&quot;) and the New York Attorney General on
behalf of Deutsche Asset Management, Inc. (&quot;DeAM, Inc.&quot;) and Deutsche
Investment Management Americas Inc. (&quot;DeIM&quot;), the investment
advisors to many of the DWS Scudder funds, regarding allegations of
improper trading at DeAM and at the legacy Scudder and Kemper
organizations prior to their acquisition by DeAM in April 2002. These
regulators alleged that although the prospectuses for certain open-end
funds (&quot;funds&quot;) in the regulators' view indicated that the funds did not
permit market timing, DeAM, Inc. and DeIM breached their fiduciary duty
to those funds in that their efforts to limit trading activity in the funds
were not effective at certain times. The regulators also alleged that
DeAM, Inc. and DeIM breached their fiduciary duty to certain funds by
entering into certain market timing arrangements with investors. These
trading arrangements originated in businesses that existed prior to the
currently constituted DeAM organization, which came together as a result
of 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 these trading arrangements. Under the
terms of the settlements, DeAM, Inc. and DeIM neither admit nor deny
any wrongdoing. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The terms of the SEC settlement, which identified improper trading in the
legacy Deutsche and Kemper mutual funds only, provide for payment
of&nbsp;disgorgement in the amount of $17.2 million. The terms of the
settlement with the New York Attorney General provide for payment of
disgorgement in the amount of $102.3 million, which is inclusive of the
amount payable under the SEC settlement, plus a civil penalty in the
amount of $20 million. The total amount payable by DeAM, approximately
$122.3 million, would be distributed in accordance with a distribution plan
to be developed by a distribution consultant. 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 have
already been reserved.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Among the terms of the settled orders, DeAM is subject to certain
undertakings regarding the conduct of its business in the future, including:
formation of a Code of Ethics Oversight Committee to oversee all matters
relating to issues arising under the advisors' Code of Ethics;
establishment of an Internal Compliance Controls Committee having
overall compliance oversight responsibility of the advisors; engagement of
an Independent Compliance Consultant to conduct a comprehensive
review of the advisors' supervisory compliance and other policies and
procedures designed to prevent and detect breaches of fiduciary duty,
breaches of the Code of Ethics and federal securities law violations by the
advisors and their employees; and commencing in 2008, the advisors
shall undergo a compliance review by an independent third party.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In addition, DeAM is subject to certain further undertakings relating to the
governance of the mutual funds, including that: at least 75% of the
members of the Boards of Trustees/Directors overseeing the DWS Funds
continue to be independent of DeAM; the Chairmen of the DWS Funds'
Boards of Trustees/Directors continue to be independent of DeAM; DeAM
maintain existing management fee reductions for certain funds for a
period of five years and not increase management fees for certain funds
during this period; the funds retain a senior officer (or independent
consultants) responsible for assisting in the review of fee arrangements
and monitoring compliance by the funds and the investment advisors with
securities laws, fiduciary duties, codes of ethics and other compliance
policies, the expense of which shall be borne by DeAM; and periodic
account statements, fund prospectuses and the mutual funds' web site
contain additional disclosure and/or tools that assist investors in
understanding the fees and costs associated with an investment in the
funds and the impact of fees and expenses on fund returns.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DeAM has also settled proceedings with the Illinois Secretary of State
regarding market timing matters. The terms of the Illinois settlement
provide for investor education contributions totaling approximately
$4&nbsp;million and a payment in the amount of $2 million to the Securities
Audit and Enforcement Fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On September 28, 2006, the SEC and the National Association of
Securities Dealers (&quot;NASD&quot;) announced final agreements in which
Deutsche Investment Management Americas Inc. (&quot;DeIM&quot;), Deutsche
Asset Management, Inc. (&quot;DeAM, Inc.&quot;) and Scudder Distributors, Inc.
(&quot;SDI&quot;) (now known as DWS Scudder Distributors, Inc.) settled
administrative proceedings regarding disclosure of brokerage allocation
practices in connection with sales of the Scudder Funds' (now known as
the DWS Scudder Funds) shares during 2001-2003. The agreements with
the SEC and NASD are reflected in orders which state, among other
things, that DeIM and DeAM, Inc. failed to disclose potential conflicts of
interest to the fund Boards and to shareholders relating to SDI's use of
certain funds' brokerage commissions to reduce revenue sharing costs to
broker-dealer firms with whom it had arrangements to market and
distribute Scudder Fund shares. These directed brokerage practices were
discontinued in October 2003. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Under the terms of the settlements, in which DeIM, DeAM, Inc. and SDI
neither admitted nor denied any of the regulators' findings, DeIM, DeAM,
Inc. and SDI agreed to pay disgorgement, prejudgment interest and civil
penalties in the total amount of $19.3 million. The portion of the
settlements distributed to the funds was approximately $17.8 million and
was paid to the funds as prescribed by the settlement orders based upon
the amount of brokerage commissions from each fund used to satisfy
revenue sharing agreements with broker-dealers who sold fund shares.
Based on the prescribed settlement order, the Fund was not entitled to a
portion of the settlement.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">As part of the settlements, DeIM, DeAM, Inc. and SDI also agreed to
implement certain measures and undertakings relating to revenue sharing
payments including making additional disclosures in the fund
Prospectuses or Statements of Additional Information, adopting or
modifying relevant policies and procedures and providing regular reporting
to the fund Boards. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Private Litigation Matters.</FONT></B> The matters alleged in the regulatory
settlements described above also serve as the general basis of a number
of private class action lawsuits involving the DWS funds. These lawsuits
name 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 similar allegations.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">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"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="ria" ID="ria"></A>Report of Independent Registered
Public&nbsp;Accounting Firm</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">To the Board of Trustees and Shareholders of
DWS&nbsp;Municipal&nbsp;Income&nbsp;Trust:</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We have audited the accompanying statement of assets and liabilities of
DWS Municipal Income Trust (formerly Scudder Municipal Income Trust)
(the &quot;Fund&quot;), including the investment portfolio, as of November 30,
2006, and the related statement of operations for the year then ended,
the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of
material misstatement. We were not engaged to perform an audit of the
Fund's internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Fund's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements and
financial highlights, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of November 30, 2006,<B> </B>by correspondence with the
custodian and brokers. We believe that our audits provide a reasonable
basis for our opinion. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of DWS
Municipal Income Trust at November 30, 2006, the results of its
operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended, in conformity with U.S.
generally accepted accounting principles. </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_3">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">Boston, Massachusetts<BR>
January 24, 2007</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<IMG SRC="mit_eny0.gif" ALT="mit_eny0"></TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="tax" ID="tax"></A>Tax Information   </FONT><FONT SIZE="-1" COLOR="#0091ff">(Unaudited)</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Of the dividends paid from net investment income for the taxable year
ended November 30, 2006, 100% are designated as exempt-interest
dividends for federal income tax purposes.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Please contact a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns. If you have
specific questions about your account, please call (800) 294-4366.</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">On July 18, 2006, the Board of Trustees appointed Michael Clark as
President of the fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On November 13, 2006, the Board of Trustees appointed Paul K. Freeman
as Chairman of the Board, effective January 1, 2007.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Certifications</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's chief executive officer has certified to the New York Stock
Exchange that, as of August 10, 2006, he was not aware of any violation
by&nbsp;the fund of applicable NYSE corporate governance listing standards.
The fund's reports to the Securities and Exchange Commission on Forms
N-CSR and N-Q contain certifications by the fund's chief executive officer
and chief financial officer that relate to the fund's disclosure in such
reports and that are required by rule 30a-2(a) under the 1940 Act.</FONT>
</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="ima" ID="ima"></A>Investment Management Agreement
Approval</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Board of Trustees, including the Independent Trustees, approved the
renewal of your Fund's investment management agreement (the
&quot;Agreement&quot;) with Deutsche Investment Management Americas Inc.
(&quot;DeIM&quot; or the &quot;Advisor&quot;) in September&nbsp;2006. As part of its review
process, the Board requested and evaluated all information it deemed
reasonably necessary to evaluate the Agreement. Over the course of
several months, the Contract Review Committee, in coordination with the
Fixed-Income Oversight Committee and the Operations Committee of the
Board, reviewed comprehensive materials received from the Advisor,
independent third parties and independent counsel. These materials
included an analysis of the Fund's performance, fees and expenses, and
profitability compiled by an independent fee consultant. The Board also
received extensive information throughout the year regarding
performance and operating results of the Fund. Based on their evaluation
of the information provided, the Committees presented their findings and
recommendations to the Independent Trustees as a group. The
Independent Trustees then reviewed the Committees' findings and
recommendations and presented their recommendations to the full
Board. Throughout their consideration of the Agreement, the Independent
Trustees were advised by their independent legal counsel and by an
independent fee consultant.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In connection with the contract review process, the various Committees
and the Board considered the factors discussed below, among others. The
Board also considered that the Advisor and its predecessors have
managed the Fund since its inception, and the Board believes that a
long-term relationship with a capable, conscientious advisor is in the best
interests of the Fund. The Board considered, generally, that shareholders
invested in the Fund or approved the investment management agreement
for the Fund, knowing that the Advisor managed the Fund and knowing
the investment management fee schedule. In connection with recent and
ongoing efforts by Deutsche Bank to restructure its US mutual fund
business, which resulted in turnover of senior management and other
personnel of the Advisor, the Board considered Deutsche Bank's
commitment that it will devote to the Advisor and its affiliates all attention
and resources that are necessary to provide the Fund with top-quality
investment management and shareholder, administrative and product
distribution services.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Nature, Quality and Extent of Services.</FONT></B> The Board considered the nature,
extent and quality of services provided under the Agreement, including
portfolio management services and administrative services. The Board
considered the experience and skills of senior management and
investment personnel, the resources made available to such personnel,
the ability of the Advisor to attract and retain high-quality personnel, and
the organizational depth and stability of the Advisor. The Board reviewed
the Fund's performance over short-term and long-term periods and
compared those returns to various agreed-upon performance measures,
including market indices and a peer universe compiled by Lipper Inc.
(&quot;Lipper&quot;). The Board considered whether investment results were
consistent with the Fund's investment objective and policies. The Board
also noted that it has put a process into place of identifying &quot;Focus
Funds&quot; (e.g., funds performing poorly relative to their peer group), and
receives more frequent reporting and information from the Advisor
regarding such funds, along with the Advisor's remedial plans to address
underperformance. The Board believes this process is an effective manner
of addressing poorly performing funds at this time.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On the basis of this evaluation and the ongoing review of investment
results by the Fixed-Income Oversight Committee, the Board concluded
that the nature, quality and extent of services provided by the Advisor
historically have been and continue to be satisfactory. The Board noted
the relative underperformance of the Fund, and took into account the
factors contributing to such performance, the recent municipal bond and
short-term interest rate environments, the Fund's favorable five year
period performance, and steps being taken by the Advisor to improve
performance, including the Advisor's ongoing strategy to maintain the
continuity of the Fund's dividends. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Fees and Expenses.</FONT></B> The Board considered the Fund's management fee
rate, operating expenses and total expense ratio, and compared
management fees to a peer group and total expenses to a broader peer
universe based on information and data supplied by Lipper. The
information provided to the Board showed that the Fund's management
fee rate was at the 13th percentile of the peer group, and that the total
expense ratio was at the 40th percentile of the peer universe. The Board
also considered the Fund's management fee rate as compared to fees
charged by the Advisor and certain of its affiliates for comparable funds
and for similarly managed institutional accounts. With respect to
institutional accounts, the Board noted that (i)&nbsp;both the mix of services
provided and the level of responsibility required under the Agreement
were significantly greater as compared to the Advisor's obligations for
similarly managed institutional accounts; and (ii)&nbsp;the management fees of
institutional accounts are less relevant to the Board's consideration
because they reflect significantly different competitive forces than those
in the fund marketplace. With respect to other comparable DWS Funds,
the Board considered differences in fund and fee structures among the
DWS Funds.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by the Advisor. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Profitability.</FONT></B> The Board reviewed detailed information regarding revenues
received by the Advisor under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by the Advisor from advising
the DWS Funds, as well as estimates of the pre-tax profits attributable to
managing the Fund in particular. The Board also received information
regarding the estimated enterprise-wide profitability of the DWS Scudder
organization with respect to all fund services in totality and by fund. The
Board reviewed DeIM's methodology in allocating its costs to the
management of the Fund. Although the Board noted the inherently
subjective nature of any allocation methodology, the Board received an
attestation report from an accounting firm affirming that the allocation
methods were consistently applied and were based upon practices
commonly used in the investment management industry. Based on the
information provided, the Board concluded that the pre-tax profits realized
by DeIM in connection with the management of the Fund were not
unreasonable.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Economies of Scale.</FONT></B> The Board considered whether there are economies
of scale with respect to the management of the Fund and whether the
Fund benefits from any economies of scale. The Board considered
whether the management fee rate under the Agreement is reasonable in
relation to the asset size of the Fund. The Board concluded that the
management fee rate reflects an appropriate level of sharing of any
economies of scale.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other Benefits to DeIM and Its Affiliates.</FONT></B> The Board also considered the
character and amount of other incidental benefits received by DeIM and
its affiliates, including any fees received by the Advisor for administrative
services provided to the Fund. The Board also considered benefits to
DeIM related to brokerage and soft-dollar allocations, which pertain
primarily to funds investing in equity securities. The Board considered that
the Advisor has recently proposed and the Board is evaluating a change in
the Advisor's policies to permit the allocation of brokerage to acquire
research services from third-party service providers. The Advisor had
voluntarily discontinued this practice in 2004. The Board concluded that
management fees were reasonable in light of these fallout benefits.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Regulatory Matters.</FONT></B> The Board also considered information regarding
pending regulatory actions against the Advisor and its affiliates related to
allegations of market timing, revenue sharing, directed brokerage and
other matters. The Board considered that the Advisor informed the Board
that it expects to pay approximately $134&nbsp;million in connection with final
settlement agreements with various federal and state regulators regarding
allegations of market timing in the DWS&nbsp;Funds. The Board also considered
that the Advisor agreed to pay approximately $19&nbsp;million in connection
with a final settlement agreement with the Securities and Exchange
Commission regarding allegations of directed brokerage. The Board
considered the Advisor's representation that such regulatory actions will
not materially impact its ability to perform under the Agreement or
materially impact the Fund and that no current DeAM&nbsp;employee approved
the trading arrangements. The Board also noted the private lawsuits
brought against the DWS&nbsp;Funds in connection with the above allegations
and considered the Advisor's commitment to indemnify the DWS&nbsp;Funds
against any liability arising from these lawsuits.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Based on all of the information considered and the conclusions reached,
the Board (including a majority of the Independent Trustees) determined
that the terms of the Agreement continue to be fair and reasonable and
that the continuation of the Agreement is in the best interests of the
Fund. No single factor was determinative in the Board's analysis.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="to" ID="to"></A>Trustees and Officers</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The following table presents certain information regarding the Board
Members and Officers of the fund as of November 30, 2006. Each
individual's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each individual has engaged in the principal
occupation(s) noted in the table for at least the most recent five years,
although not necessarily in the same capacity; and (ii) the address of each
individual is c/o Deutsche Asset Management, 222 South Riverside Plaza,
Chicago, Illinois 60606. Each Board Member's term of office extends until
the next shareholders' meeting&nbsp;called for the purpose of electing such
Board Members and until the election and qualification of a successor, or
until such Board Member sooner dies, retires,&nbsp;resigns or is removed as
provided in the governing documents of&nbsp;the fund.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_6">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Independent Board Members</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Name, Year of
Birth, Position(s)
Held with the
Fund and Length
of Time Served<SUP>1</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_85" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Principal Occupation(s) During&nbsp;Past 5 Years and Other
Directorships Held</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_57" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number
of Funds
in Fund
Complex
Overseen</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shirley D. Peterson
(1941)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chairperson,
2004-present</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Board Member,
1995-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, President, Hood College (1995-2000);
prior thereto, Partner, Steptoe &amp; Johnson (law firm);
Commissioner, Internal Revenue Service; Assistant
Attorney General (Tax), US&nbsp;Department of Justice.
Directorships: Federal Mogul Corp. (supplier of automotive
components and subsystems); AK Steel&nbsp;(steel production);
Goodyear Tire &amp; Rubber Co. (April 2004-present);
Champion Enterprises, Inc. (manufactured home building);
Wolverine World Wide, Inc. (designer, manufacturer and
marketer of footwear) (April 2005-present); Trustee, Bryn
Mawr College. Former Directorship: Bethlehem Steel Corp.</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">68</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul K. Freeman<SUP>2</SUP>
(1950)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Board Member,
2002-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President, Cook Street Holdings (consulting); Consultant,
World Bank/Inter-American Development Bank; formerly,
Project Leader, International Institute for Applied Systems
Analysis (1998-2001); Chief Executive Officer, The Eric
Group, Inc. (environmental insurance) (1986-1998)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">68</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John W. Ballantine
(1946)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Board Member,
1999-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Executive Vice President and Chief Risk
Management Officer, First Chicago NBD Corporation/The
First National Bank of Chicago (1996-1998); Executive Vice
President and Head of International Banking (1995-1996).
Directorships: Healthways, Inc. (provider of disease and
care management services); Portland General Electric
(utility company). Former Directorships: First Oak Brook
Bancshares, Inc. and Oak Brook Bank</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">68</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Donald L. Dunaway
(1937)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Board Member,
1980-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Executive Vice President, A.O. Smith
Corporation (diversified manufacturer) (1963-1994)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">68</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">James R. Edgar
(1946)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Board Member,
1999-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distinguished Fellow, University of Illinois, Institute of
Government and Public Affairs (1999-present); formerly,
Governor, State of Illinois (1991-1999). Directorships:
Kemper Insurance Companies; John B. Sanfilippo &amp; Son,
Inc. (processor/packager/marketer of nuts, snacks and
candy products); Horizon Group Properties, Inc.;
Youbet.com (online wagering platform); Alberto-Culver
Company (manufactures, distributes and markets health
and beauty care products)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">68</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert B. Hoffman
(1936)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Board Member,
1981-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Chairman, Harnischfeger Industries, Inc.
(machinery for the mining and paper industries)
(1999-2000); prior thereto, Vice Chairman and Chief
Financial Officer, Monsanto Company (agricultural,
pharmaceutical and nutritional/food products) (1994-1999).
Directorships: RCP Advisors, LLC (a private equity
investment advisory firm)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">68</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">William McClayton
(1944)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Board Member,
2004-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director of Finance and Administration, Diamond
Management &amp; Technology Consultants, Inc. (global
management consulting firm) (2001-present); formerly,
Partner, Arthur Andersen LLP (accounting) (1986-2001).
Formerly: Trustee, Ravinia Festival; Board of Managers,
YMCA of Metropolitan Chicago</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">68</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert H.
Wadsworth</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">(1940)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Board Member,
2004-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President, Robert H. Wadsworth &amp; Associates, Inc.
(consulting firm) (1983 to present). Formerly, Trustee of
New York Board DWS Funds; President and Trustee, Trust
for Investment Managers (registered investment company)
(1999-2002). President, Investment Company
Administration, L.L.C. (1992*-2001); President, Treasurer
and Director, First Fund Distributors, Inc. (June
1990-January 2002); Vice President, Professionally
Managed Portfolios (May 1991-January 2002) and Advisors
Series Trust (October 1996-January 2002) (registered
investment companies)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">*Inception date of the corporation which was the
predecessor to the L.L.C.</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">71</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_6">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Officers<SUP>3</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Name, Year of
Birth, Position(s)
Held with the
Fund and Length
of Time Served<SUP>1</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_85" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Principal Occupation(s) During&nbsp;Past 5 Years and Other
Directorships Held</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_57" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number
of Funds
in Fund
Complex
Overseen</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Michael G. Clark<SUP>5</SUP>
(1965)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President,
2006-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>4</SUP>, Deutsche Asset Management
(2006-present); President of DWS family of funds; formerly,
Director of Fund Board Relations (2004-2006) and Director
of Product Development (2000-2004), Merrill Lynch
Investment Managers; Senior Vice President Operations,
Merrill Lynch Asset Management (1999-2000)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philip J. Collora
(1945)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President and
Assistant Secretary,
1986-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>4</SUP>, Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul H. Schubert<SUP>5</SUP>
(1963)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chief Financial
Officer,
2004-present</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Treasurer,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>4</SUP>, Deutsche Asset Management (since
July 2004); formerly, Executive Director, Head of Mutual
Fund Services and Treasurer for UBS Family of Funds
(1998-2004); Vice President and Director of Mutual Fund
Finance at UBS Global Asset Management (1994-1998)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John Millette<SUP>6</SUP>
(1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Secretary,
2001-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>4</SUP>, Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Patricia DeFilippis<SUP>5
</SUP>(1963)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant Secretary,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President, Deutsche Asset Management (since June
2005); formerly, Counsel, New York Life Investment
Management LLC (2003-2005); legal associate, Lord,
Abbett &amp; Co. LLC (1998-2003)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Elisa D. Metzger</FONT><FONT SIZE="-2" COLOR="#000000"><SUP>5,</SUP></FONT><FONT SIZE="-2" COLOR="#000000">
(1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant Secretary
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>4</SUP>, Deutsche Asset Management (since September
2005); formerly, Counsel, Morrison and Foerster LLP
(1999-2005)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Caroline Pearson<SUP>6</SUP>
(1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant Secretary,
1998-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>4</SUP>, Deutsche Asset Management </FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Scott M. McHugh</FONT><FONT SIZE="-2" COLOR="#000000"><SUP>6</SUP></FONT><FONT SIZE="-2" COLOR="#000000">
(1971)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant Treasurer,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>4</SUP>, Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kathleen Sullivan
D'Eramo</FONT><FONT SIZE="-2" COLOR="#000000"><SUP>6</SUP></FONT><FONT SIZE="-2" COLOR="#000000"><SUP> </SUP>(1957)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant Treasurer,
2003-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>4</SUP>, Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John Robbins<SUP>5
</SUP>(1966)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Anti-Money
Laundering
Compliance Officer,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>4</SUP>, Deutsche Asset Management (since
2005); formerly, Chief Compliance Officer and Anti-Money
Laundering Compliance Officer for GE Asset Management
(1999-2005)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_7">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert Kloby<SUP>5
</SUP>(1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chief Compliance
Officer,
2006-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>4</SUP>, Deutsche Asset Management
(2004-present); formerly, Chief Compliance Officer/Chief
Risk Officer, Robeco USA (2000-2004); Vice President, The
Prudential Insurance Company of America (1988-2000);
E.F. Hutton and Company (1984-1988)</FONT>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Length of time served represents the date that each Board Member was first elected to
the common board of Board Members which oversees a number of investment
companies, including the fund, managed by the Advisor. For the Officers of the fund, the
length of time served represents the date that each officer was first elected to serve as
an officer of any fund overseen by the aforementioned common board of Board
Members.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>2</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Appointed Chairman of the Board, effective January 1, 2007.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>3</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">As a result of their respective positions held with the Advisor, these individuals are
considered &quot;interested persons&quot; of the Advisor within the meaning of the 1940 Act.
Interested persons receive no compensation from the fund.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>4</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Executive title, not a board directorship.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>5</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Address: 345 Park Avenue, New York, New York 10154.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>6</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Address: Two International Place, Boston, Massachusetts 02110.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The fund's Statement of Additional Information (&quot;SAI&quot;) includes additional information about
the Board Members. The SAI is available, without charge, upon request. If you would like to
request a copy of the SAI, you may do so by calling the following toll-free number:
1-800-621-1048.</FONT></I>
</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_3">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_27" ALIGN="LEFT" VALIGN="TOP" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_14" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Automated
Information Lines</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">DWS 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_5">
<TD CLASS="CLASS_14" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Web Sites</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_47" 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 quarterly fact sheets, financial reports, press releases and
webcasts when available.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">www.cef.dws-scudder/alerts.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Register online to receive email alerts on your DWS funds.</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_14" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Written
Correspondence</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_47" 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_5">
<TD CLASS="CLASS_14" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Proxy Voting</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_47" 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_5">
<TD CLASS="CLASS_14" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Legal Counsel</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_47" 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_5">
<TD CLASS="CLASS_14" 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_47" 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_5">
<TD CLASS="CLASS_14" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Shareholder
Service Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_47" 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_5">
<TD CLASS="CLASS_14" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Custodian and
Transfer Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_47" 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_5">
<TD CLASS="CLASS_14" 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_47" 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_5">
<TD CLASS="CLASS_14" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">NYSE Symbol</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_47" 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_1">
<TR CLASS="CLASS_2">
<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_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common Shares</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 106</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<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_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 205</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<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_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 304</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<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_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 403</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<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_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">23338M 502</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<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_46" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series E (Preferred Shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" 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">Notes</FONT></B>
</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"><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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse'>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As of the end of the period, November 30, 2006, DWS Municipal Income Trust has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Fund&#146;s Board of Directors/Trustees has determined that the Fund has at least one &#147;audit committee financial expert&#148; serving on its audit  committee: Mr. William McClayton, Mr. Donald Dunaway and Mr. Robert Hoffman. Each of these audit committee members is &#147;independent,&#148; meaning that he is not an &#147;interested person&#148; of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a Board or committee member).</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font
size=2>An &#147;audit committee financial expert&#148; is not an &#147;expert&#148; for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an &#147;audit committee financial expert.&#148; Further, the designation of a person as an &#147;audit committee financial expert&#148; does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the &#147;audit committee financial expert&#148; designation. Similarly, the designation of a person as an &#147;audit committee financial expert&#148; does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="576" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>DWS MUNICIPAL INCOME TRUST</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>FORM N-CSR DISCLOSURE RE: AUDIT FEES</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees that Ernst&nbsp;&amp; Young, LLP (&#147;E&amp;Y&#148;), the Fund&#146;s auditor, billed to the Fund during the Fund&#146;s last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that E&amp;Y provided to the Fund.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Services that the Fund&#146;s Auditor Billed to the Fund</font></b></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="544" style='border-collapse:collapse'>
    <tr >
        <td width="112" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Fiscal Year</font><br> <font size=2>Ended</font><br> <font size=2>November 30</font></p> </td>
        <td width="96" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Audit Fees Billed to Fund</font></p> </td>
        <td width="96" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Audit-Related</font><br> <font size=2>Fees Billed to Fund</font></p> </td>
        <td width="108" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Tax Fees Billed to Fund</font></p> </td>
        <td width="132" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>All</font><br> <font size=2>Other Fees Billed to Fund</font></p> </td> </tr>
    <tr >
        <td width="112" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2006</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$49,067</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$6,691</font></p> </td>
        <td width="132" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="112" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2005</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$47,134</font></p> </td>
        <td width="96" valign=top style='border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$6,427</font></p> </td>
        <td width="132" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr></table>
</div>

<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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<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 above &#147;Tax Fees&#148; were billed for professional services rendered for tax return preparation.</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;'><b><font size=2>Services that the Fund&#146;s Auditor Billed to the Adviser and</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>Affiliated Fund Service Providers</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees billed by E&amp;Y to Deutsche Investment Management Americas, Inc. (&#147;DeIM&#148; or the &#147;Adviser&#148;), and any entity controlling, controlled by or under common control with DeIM (&#147;Control Affiliate&#148;) that provides ongoing services to the Fund (&#147;Affiliated Fund Service Provider&#148;), for engagements directly related to the Fund&#146;s operations and financial reporting, during the Fund&#146;s last two fiscal years.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse;  '>
    <tr style='height:69.25pt'>
        <td width="201" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:69.25pt'>
            <p ><font size=2>Fiscal Year</font><br> <font size=2>Ended</font><br> <font size=2>November 30</font></p> </td>
        <td width="152" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:69.25pt'>
            <p ><font size=2>Audit-Related</font><br> <font size=2>Fees Billed<sup> </sup>to Adviser and Affiliated Fund Service Providers</font></p> </td>
        <td width="162" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:69.25pt'>
            <p ><font size=2>Tax Fees Billed to Adviser and Affiliated Fund Service Providers</font></p> </td>
        <td width="140" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:69.25pt'>
            <p ><font size=2>All</font><br> <font size=2>Other Fees Billed to Adviser and Affiliated Fund Service Providers</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2006</font></p> </td>
        <td width="152" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$80,000</font></p> </td>
        <td width="162" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$316,254</font></p> </td>
        <td width="140" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr>
    <tr >
        <td width="201" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left'><font size=2>2005</font></p> </td>
        <td width="152" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$406,000</font></p> </td>
        <td width="162" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$70,570</font></p> </td>
        <td width="140" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>$0</font></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The &#147;Audit-Related Fees&#148; were billed for services in connection with agreed upon procedures related to fund mergers and the above &#147;Tax Fees&#148; were billed in connection with tax compliance services and agreed upon procedures.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Non-Audit Services</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The following table shows the amount of fees that E&amp;Y billed during the Fund&#146;s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&amp;Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund&#146;s operations and financial reporting. The Audit Committee requested and received information from E&amp;Y about any non-audit services that E&amp;Y rendered during the Fund&#146;s last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&amp;Y&#146;s independence.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="655" style='border-collapse:collapse;  '>
    <tr >
        <td width="131" valign=bottom style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>Fiscal Year</font><br> <font size=2>Ended</font><br> <font size=2>November 30</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total </font><br> <font size=2>Non-Audit Fees Billed to Fund</font></p>
<p  style=' page-break-after:avoid'><font size=2>(A)</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)</font></p>
<p  style=' page-break-after:avoid'><font size=2>(B)</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)</font></p>
<p  style=' page-break-after:avoid'><font size=2>&copy;</font></p> </td>
        <td width="131" valign=bottom style='border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>Total of (A), (B)</font><br> <br> <font size=2>and (C)</font></p> </td> </tr>
    <tr >
        <td width="131" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;page-break-after:avoid'><font size=2>2006</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$6,691</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$316,254</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$948,620</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$1,271,565</font></p> </td> </tr>
    <tr >
        <td width="131" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
            <p  align=left style='text-align:left;page-break-after:avoid'><font size=2>2005</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$6,427</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$70,570</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$40,586</font></p> </td>
        <td width="131" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p  style=' page-break-after:avoid'><font size=2>$117,583</font></p> </td> </tr></table>
</div>

<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>All other engagement fees were billed for services in connection with internal control reviews, agreed upon procedures and tax compliance for DeIM and other related entities that provide support for the operations of the fund.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>
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<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>In connection with the audit of the 2005 and 2006 financial statements, the Fund entered into an engagement letter with E&amp;Y.  The terms of the engagement letter required by E&amp;Y, and agreed to by the Audit Committee, include provisions in which the parties consent to the sole jurisdiction of federal courts in New York, Boston or the Northern District of Illinois, as well as a waiver of right to a trial by jury and an exclusion of punitive damages.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="679" style='border-collapse:collapse'>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The registrant's audit committee consists of William McClayton (Chairman), Robert B. Hoffman, and Donald L. Dunaway.</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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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<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 align=left>

<table border="0" cellspacing=0 cellpadding=0 width="679" style='border-collapse:collapse'>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Proxy Voting Guidelines.</font></b><font size=2> The Fund has delegated proxy voting responsibilities to its investment advisor, subject to the Board&#146;s general oversight. The Fund has delegated proxy voting to the advisor with the direction that proxies should be voted consistent with the Fund&#146;s best economic interests. The advisor has adopted its own Proxy Voting Policies and Procedures (&#147;Policies&#148;), a Proxy Voting Desktop Manual (&#147;Manual&#148;), and Proxy Voting Guidelines (&#147;Guidelines&#148;) for this purpose. The Policies address, among other things, conflicts of interest that may arise between the interests of the Fund, and the interests of the advisor and its affiliates. The Manual sets forth the procedures that the advisor has implemented to vote proxies, including monitoring for
corporate events, communicating with the fund&#146;s custodian regarding proxies, considering the merits f each proposal, and executing and recording the proxy vote. The Guidelines set forth the advisor&#146;s general position on various proposals, such as:</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Rights &#151; The advisor generally votes against proposals that restrict shareholder rights.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Governance &#151; The advisor generally votes for confidential and cumulative voting and against supermajority voting requirements for charter and bylaw amendments.  The advisor generally votes for proposals to restrict a chief executive officer from serving on more than three outside board of directors.  The advisor generally votes against proposals that require a company to appoint a chairman who is an independent director.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Takeover Matters &#151; The advisor generally votes for proposals that require shareholder ratification of poison
pills or that request boards to redeem poison pills, and votes &#147;against&#148; the adoption of poison pills if they are submitted for shareholder ratification.  The advisor generally votes for fair price proposals.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Routine Matters &#151; The advisor generally votes for the ratification of auditors, procedural matters related to the annual meeting, and changes in company name, and against bundled proposals and adjournment.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The general provisions described above do not apply to investment companies. The advisor generally votes proxies solicited by investment companies in accordance with the recommendations of an independent third-party, except for proxies solicited by or with respect to investment companies for which the advisor or an affiliate serves as investment advisor or principal underwriter (&#147;affiliated investment companies&#148;). The advisor votes affiliated investment company proxies in the same proportion as the vote of the investment company&#146;s other shareholders (sometimes called &#147;mirror&#148; or &#147;echo&#148; voting). Master fund proxies solicited from feeder funds are voted in accordance with applicable requirements of the Investment Company Act of 1940.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font
size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Although the Guidelines set forth the advisor&#146;s general voting positions on various proposals, the advisor may, consistent with the Fund&#146;s best interests, determine under some circumstances to vote contrary to those positions.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The Guidelines on a particular issue may or may not reflect the view of individual members of the board, or of a majority of the board. In addition, the Guidelines may reflect a voting position that differs from the actual practices of the public companies within the Deutsche Bank organization or of the investment companies for which the advisor or an affiliate serves as investment advisor
or sponsor.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The advisor may consider the views of a portfolio company&#146;s management in deciding how to vote a proxy or in establishing general voting positions for the Guidelines, but management&#146;s views are not determinative.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As mentioned above, the Policies describe the way in which the advisor resolves conflicts of interest. To resolve conflicts, the advisor, under normal circumstances, votes proxies in accordance with its Guidelines. If the advisor departs from the Guidelines with respect to a particular
proxy or if the Guidelines do not specifically address a certain proxy proposal, a committee established by the advisor will vote the proxy. Before voting any such proxy, however, the committee will exclude from the voting discussions and determinations any member who is involved in or aware of a material conflict of interest. If, after excluding any and all such members, there are fewer than three voting members remaining, the advisor will engage an independent third party to vote the proxy or follow the proxy voting recommendations of an independent third party.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Under certain circumstances, the advisor may not be able to vote proxies or the advisor may find that the expected economic costs from voting outweigh the benefits associated with voting.
For example, the advisor may not vote proxies on certain foreign securities due to local restrictions or customs. The advisor generally does not vote proxies on securities subject to share blocking restrictions.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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


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        <td width="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <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 width="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
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        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="600" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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>Portfolio Manager Team Disclosure</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>The Fund is managed by a Team of investment professionals who collaborate to develop and implement the Fund&#146;s investment strategy.  Each Portfolio Manager on the Team has authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio construction techniques, portfolio risk assessment, and the management of daily cash flows in accordance with portfolio holdings.</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>The following individuals handle the day-to-day management of the fund.</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>Philip G. Condon, Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager of the fund.</font></p>


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            <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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Joined Deutsche Asset Management in 1983 and the fund in 1999.</font></p> </td> </tr></table>
</div>



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            <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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Over 29 years of investment industry experience.</font></p> </td> </tr></table>
</div>



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            <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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>BA and MBA, University of Massachusetts at Amherst.</font></p> </td> </tr></table>
</div>


<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>Eleanor R. Lynch, CFA, Director of Deutsche Asset Management and Co-Lead Portfolio Manager of he fund.</font></p>


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            <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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Joined Deutsche Asset Management in 1995 and the fund in 1999.</font></p> </td> </tr></table>
</div>



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            <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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Over 19 years of investment industry experience.</font></p> </td> </tr></table>
</div>



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        <td width="24" 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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>BS, Ursinus College; MS, Drexel University.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><font size=2>Compensation of Portfolio Managers </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<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 Fund has been advised that the Advisor seeks to offer its investment professionals competitive short-term and long-term compensation.  Portfolio managers and research professionals are paid (i) fixed base salaries, which are linked to job function, responsibilities and financial services industry peer comparison, and (ii) variable compensation, which is linked to investment performance, individual contributions to the team and DWS Scudder&#146;s and Deutsche Bank&#146;s financial results.  Variable compensation may include a cash bonus incentive and participation in a variety of long-term equity programs (usually in the form of Deutsche Bank equity). </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>Bonus and long-term incentives comprise a greater proportion of total compensation as an investment professional&#146;s seniority and compensation levels increase.  Top performing investment professionals earn a total compensation package that is highly competitive, including a bonus that is a multiple of their base salary.  The amount of equity awarded under the long-term equity programs is generally based on the individual&#146;s total compensation package and may comprise from 0%-40% of the total compensation award.  As incentive compensation increases, the percentage of compensation awarded in Deutsche Bank equity also increases.  Certain senior investment professionals may be subject to a mandatory diverting of a portion of their equity compensation into proprietary mutual funds that they manage.  </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>To evaluate its investment professionals, the Advisor uses a Performance Management Process.  Objectives evaluated by the process are related to investment performance and generally take into account peer group and benchmark related data.  The ultimate goal of this process is to link the performance of investment professionals with client investment objectives and to deliver investment performance that meets or exceeds clients&#146; risk and return objectives.  When determining total compensation, the Advisor considers a number of quantitative and qualitative factors such as: </font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top style='padding:0in 0in 14.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 14.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>DWS Scudder performance and the performance of Deutsche Asset Management, quantitative measures which include 1, 3 and 5 year pre-tax returns versus benchmark (such as the benchmark used in the prospectus) and appropriate peer group, taking into consideration risk targets.  Additionally, the portfolio manager&#146;s retail/institutional asset mix is weighted, as appropriate for evaluation purposes.</font></p> </td> </tr></table>
</div>



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    <tr >
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:125.28%'><font size=2>Qualitative measures include adherence to the investment process and individual contributions to the process, among other things.  In addition, the Advisor assesses compliance, risk management and teamwork skills.</font></p> </td> </tr></table>
</div>


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


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        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Other factors, including contributions made to the investment team as well as adherence to compliance, risk management, and "living the values" of the Advisor, are part of a discretionary component which gives management the ability to reward these behaviors on a subjective basis through bonus incentives.  </font></p> </td> </tr></table>
</div>


<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>In addition, the Advisor analyzes competitive compensation levels through the use of extensive market data surveys.  Portfolio manager compensation is reviewed and may be modified each year as appropriate to reflect changes in the market, as well as to adjust the factors used to determine overall compensation to promote good sustained investment performance.</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><font size=2>Fund Ownership of Portfolio Managers</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The following table shows the dollar range of shares owned beneficially and of record by each member of the Fund&#146;s portfolio management team in the Fund as well as in all DWS Funds as a group (i.e. those funds advised by Deutsche Asset Management or its affiliates), including investments by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans.   This information is provided as of the Fund&#146;s most recent fiscal year end.</font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="499" style='border-collapse:collapse'>
    <tr >
        <td width="163" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  ><u><font size=2>Name of  Portfolio Manager</font></u><u></u></p>  </td>
        <td width="144" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  align=center style='text-align:center'><font  size=2>Dollar Range of</font></p>
<p  align=center style='text-align:center'><u><font  size=2>Fund Shares Owned</font></u><u></u></p>  </td>
        <td width="192" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  align=center style='text-align:center'><font  size=2>Dollar Range of All</font><br>  <font  size=2> </font><u><font size=2>DWS  Fund Shares Owned</font></u></p>  </td> </tr>
    <tr >
        <td width="163" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  align=center style='text-align:center;line-height:normal;  page-break-after:avoid'><font size=1>&nbsp;</font></p>
<p  align=center style='text-align:center;line-height:normal;  page-break-after:avoid'><font size=2>Philip G. Condon</font></p>  </td>
        <td width="144" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in;page-break-after:avoid'><font  size=2>$500,001  - $1,000,000</font></p>  </td>
        <td width="192" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in;page-break-after:avoid'><font  size=2>Over  $1,000,000</font></p>  </td> </tr>
    <tr >
        <td width="163" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  align=center style='text-align:center;page-break-after:  avoid'><font size=1>&nbsp;</font></p>
<p  align=center style='text-align:center;page-break-after:  avoid'><font size=2>Eleanor R. Lynch</font></p>  </td>
        <td width="144" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  style='page-break-after:avoid'><font size=2>$10,001 - $50,000</font></p>  </td>
        <td width="192" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  style='page-break-after:avoid'><font size=2>$100,001 - $500,000</font></p>  </td> </tr>
    <tr >
        <td width="163" style='padding:0in 3.0pt 0in 3.0pt'>
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="144" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p ><font size=1>&nbsp;</font></p> </td>
        <td width="192" valign=bottom style='padding:0in 3.0pt 0in 3.0pt'>
            <p  style='margin-top:0in'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:12pt;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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<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;'><font size=2>Conflicts of Interest</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In addition to managing the assets of the Fund, the Fund&#146;s portfolio managers may have responsibility for managing other client accounts of the Advisor or its affiliates.  The tables below show, for each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by each portfolio manager.  The tables also show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account.  This information is provided as of the Fund&#146;s most recent fiscal year end.</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>Other SEC Registered Investment Companies Managed:</font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="612" style='margin-left:.05in;border-collapse:collapse'>
    <tr >
        <td width="168" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Name of Portfolio Manager</font></u><u></u></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of  Registered Investment </font><u><font size=2>Companies</font></u></p> </td>
        <td width="108" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Assets of Registered Investment </font><u><font size=2>Companies</font></u></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of Investment Company Accounts with Performance </font><u><font size=2>Based Fee</font></u></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Assets of Performance- Based Fee </font><u><font size=2>Accounts</font></u></p> </td> </tr>
    <tr >
        <td width="168" valign=bottom style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Philip G. Condon</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>8</font></p> </td>
        <td width="108" valign=bottom style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$7,956,161,635</font></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td> </tr>
    <tr >
        <td width="168" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Eleanor R. Lynch</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="108" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$4,915,273,908</font></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="120" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Other Pooled Investment Vehicles Managed:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="618" style='border-collapse:collapse'>
    <tr >
        <td width="174" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Name of Portfolio Manager</font></u><u></u></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of Pooled Investment </font><u><font size=2>Vehicles</font></u></p> </td>
        <td width="112" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Assets of Pooled Investment </font><u><font size=2>Vehicles</font></u></p> </td>
        <td width="113" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of Pooled Investment Vehicle Accounts with Performance-</font><u><font size=2>Based Fee</font></u></p> </td>
        <td width="123" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Assets of Performance- Based </font><u><font size=2>Fee Accounts</font></u></p> </td> </tr>
    <tr >
        <td width="174" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Philip G. Condon</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="112" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="113" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="123" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td> </tr>
    <tr >
        <td width="174" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Eleanor R. Lynch</font></p> </td>
        <td width="96" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="112" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="113" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="123" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td> </tr></table>
</div>

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

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="624" style='border-collapse:collapse'>
    <tr >
        <td width="179" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Name of Portfolio Manager</font></u><u></u></p> </td>
        <td width="78" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of Other </font><u><font size=2>Accounts</font></u></p> </td>
        <td width="131" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Assets of Other </font><u><font size=2>Accounts</font></u></p> </td>
        <td width="113" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Number of Other Accounts with Performance- </font><u><font size=2>Based Fee</font></u></p> </td>
        <td width="123" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Assets of Performance- Based </font><u><font size=2>Fee Accounts</font></u></p> </td> </tr>
    <tr >
        <td width="179" valign=top style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Philip G. Condon</font></p> </td>
        <td width="78" valign=top style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="131" valign=top style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="113" valign=top style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="123" valign=top style='padding:0in 5.4pt 0in 5.4pt '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td> </tr>
    <tr >
        <td width="179" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Eleanor R. Lynch</font></p> </td>
        <td width="78" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="131" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="113" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td>
        <td width="123" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>None</font></p> </td> </tr></table>
</div>

<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>In addition to the accounts above, an investment professional may manage accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds.  The Advisor has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions on  the ability of portfolio managers and other &#147;access persons&#148; to invest in securities that may be recommended or traded in the Funds and other client accounts.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following: </font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>Certain investments may be appropriate for the Fund and also for other clients advised by the Advisor, including other client accounts managed by the Fund&#146;s portfolio management team.  Investment decisions for the Fund and other clients are made with a view to achieving their respective investment objectives and after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments generally. A particular security may be bought or sold for only one client or in different amounts and at different times for more than one but less than all clients. Likewise, because clients of the Advisor may have differing investment strategies, a particular security may be bought for one or more clients when one or more other clients are selling the security. The investment results achieved for the Fund may differ
from the results achieved for other clients of the Advisor.  In addition, purchases or sales of the same security may be made for two or more clients on the same day.  In such event, such transactions will be allocated among the clients in a manner believed by the Advisor to be most equitable to each client, generally utilizing a pro rata allocation methodology.  In some cases, the allocation procedure could potentially have an adverse effect or positive effect on the price or amount of the securities purchased or sold by the Fund.  Purchase and sale orders for the Fund may be combined with those of other clients of the Advisor in the interest of achieving the most favorable net results to the Fund and the other clients.  </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>To the extent that a portfolio manager has responsibilities for managing multiple client accounts, a portfolio manager will need to divide time and attention among relevant accounts. The Advisor attempts to minimize these conflicts by aligning its portfolio management teams by investment strategy and by employing similar investment models across multiple client accounts.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>In some cases, an apparent conflict may arise where the Advisor has an incentive, such as a performance-based fee, in managing one account and not with respect to other accounts it manages.  The Advisor will not determine allocations based on whether it receives a performance-based fee from the client.   Additionally, the Advisor has in place supervisory oversight processes to periodically monitor performance deviations for accounts with like strategies. </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</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>The Advisor and its affiliates and the investment team of the Funds may manage other mutual funds and separate accounts on a long-short basis.  The simultaneous management of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely affect the market value of the long positions(and vice versa), the risk arising from sequential orders in long and short positions, and the risks associated with receiving opposing orders at the same time.  The Advisor has adopted procedures that it believes are reasonably designed to mitigate these potential conflicts of interest.  Included in these procedures are specific guidelines developed to ensure fair and equitable treatment for all clients whose accounts are managed by each Fund&#146;s portfolio management team.  The Advisor and the portfolio management team
have established monitoring procedures, a protocol for supervisory reviews, as well as compliance oversight to ensure that potential conflicts of interest relating to this type of activity are properly addressed.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Advisor is owned by Deutsche Bank AG, a multi-national financial services company.  Therefore, the Advisor is affiliated with a variety of entities that provide and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer activities (including sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment management services to institutional and individual investors.  Since Deutsche Bank AG, its affiliates, directors, officers and employees (the &#147;Firm&#148;) are engaged in businesses and have interests other than managing asset management accounts, such other activities involve real, potential or apparent conflicts of interest.  These interests and activities include potential advisory, transactional and financial activities and other interests in securities and companies that may be directly or
indirectly purchased or sold by the Firm for its clients&#146; advisory accounts.  These are considerations of which advisory clients should be aware and which may cause conflicts that could be to the disadvantage of the Advisor&#146;s advisory clients.  The Advisor has instituted business and compliance policies, procedures and disclosures that are designed to identify, monitor and mitigate conflicts of interest and, as appropriate, to report them to the Fund&#146;s Board.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="691" style='border-collapse:collapse'>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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 width="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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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<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 align=left>

<table border="0" cellspacing=0 cellpadding=0 width="650" style='margin-left:3.9pt;border-collapse:collapse'>
    <tr style='height:90.75pt'>
        <td width="206" valign=bottom style='border-top:solid black 1.0pt; border-left:solid black 1.0pt;border-bottom:none;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:90.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Period</font></p> </td>
        <td width="108" valign=bottom style='border:solid black 1.0pt; border-bottom:none; padding:0in 5.4pt 0in 5.4pt;height:90.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Number of Shares Purchased</font></p> </td>
        <td width="108" valign=bottom style='border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:90.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Average Price Paid per Share</font></p> </td>
        <td width="108" valign=bottom style='border:solid black 1.0pt; border-bottom:none; padding:0in 5.4pt 0in 5.4pt;height:90.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs</font></p> </td>
        <td width="120" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:90.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-top:solid black 1.0pt; border-left:solid black 1.0pt;border-bottom:none;border-right:none;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <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="108" valign=top style='border:solid black 1.0pt; border-bottom:none; padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <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="108" valign=top style='border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <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="108" valign=top style='border:solid black 1.0pt; border-bottom:none; padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <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="120" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 1 through December 31</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 1 through January 31</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 1 through February 28</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>March 1 through March 31</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 1 through April 30</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>May 1 through May 31</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>June 1 through June 30</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 1 through July 31</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>August 1 through August 31</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>September 1 through September 30</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>October 1 through October 31</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>November 1 through November 30</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:none;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:solid black 1.0pt;border-right: none; padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <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="108" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="108" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:15.35pt'>
            <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="108" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="120" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.35pt'>
        <td width="206" valign=top style='border-top:none;border-left: solid black 1.0pt;border-bottom:solid black 1.0pt;border-right: none; padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total </font></p> </td>
        <td width="108" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="108" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td>
        <td width="120" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt;height:15.35pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>n/a</font></p> </td> </tr></table>
</div>

<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 align=left>

<table border="0" cellspacing=0 cellpadding=0 width="691" style='border-collapse:collapse'>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><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> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant&#146;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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s last half-year (the registrant&#146;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&#146;s internal controls over financial reporting.</font></p> </td> </tr>
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        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS</font></B></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</font></p> </td> </tr></table>
</div>

<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>
<!-- EEDocs PBStart-->
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<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 align=left>

<table border="0" cellspacing=0 cellpadding=0 width="691" style='border-collapse:collapse'>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:30.6pt;text-indent:-30.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="79" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <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="612" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.5in;text-indent:-.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
</div>

<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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<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-CSR 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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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        <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>
</div>


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


<div align=left>

<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 width="147" nowrap 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></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="323" 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=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> </tr></table>
</div>

<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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="337" 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="145" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 29, 2007</font></p> </td> </tr></table>
</div>

<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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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        <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>
</div>


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


<div align=left>

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        <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 width="147" nowrap 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></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="323" 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=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> </tr></table>
</div>

<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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="337" 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="145" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 29, 2007</font></p> </td> </tr></table>
</div>

<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 align=left>

<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 width="123" nowrap 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></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="300" 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=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> </tr></table>
</div>

<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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="337" 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="145" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>December 29, 2007</font></p> </td> </tr></table>
</div>

<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>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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


</div>



</body>
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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>6
<FILENAME>coe-mit.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>
                               Scudder/DeAM Funds

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

































                                                                  Effective Date
                                                              [January 31, 2005]





Table of Contents
<TABLE>
<CAPTION>
                                                                                    Page Number

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


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


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

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

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

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

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


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


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


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


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


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

      Appendix A:.......................................................................10
      List of Officers Covered under the Code, by Board:................................10
      DeAM Compliance Officer:..........................................................10
      Name: Joseph Yuen.................................................................10
      As of:      July 19, 2006Appendix B: Acknowledgement and Certification............10
      Appendix B: Acknowledgement and Certification.....................................11
      Appendix C:  Definitions..........................................................13

</TABLE>


                                       2
<PAGE>



I.       Overview

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

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

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

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

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

II.      Purposes of the Officer Code

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

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

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

         o        promote   compliance   with   applicable   laws,   rules   and
                  regulations;

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

         o        establish accountability for adherence to the Officer Code.

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

- --------

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


                                       3
<PAGE>

III.     Responsibilities of Covered Officers

         A.       Honest and Ethical Conduct

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

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

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

         B.       Conflicts of Interest

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

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

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


                                       4
<PAGE>

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

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

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

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

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

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

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

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


- --------

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


                                       5
<PAGE>

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

         C.       Use of Personal Fund Shareholder Information

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

         D.       Public Communications

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

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

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

         E.       Compliance with Applicable Laws, Rules and Regulations

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

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



                                       6
<PAGE>

IV.      Violation Reporting

         A.       Overview

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

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

         o        Unethical or dishonest behavior

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

         o        Failure to report violations of the Officer Code

         o        Known or obvious  deviations from Applicable Laws

         o        Failure to  acknowledge  and certify  adherence to the Officer
                  Code

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


         B.       How to Report

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

         C.       Process for Violation Reporting to the Fund Board

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

         D.       Sanctions for Code Violations

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

         V.       Waivers from the Officer Code

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


- --------

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

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


                                       7
<PAGE>

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

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

VI.      Amendments to the Code

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

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

VII.     Acknowledgement and Certification of Adherence to the Officer Code

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

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

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

VIII.    Scope of Responsibilities

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

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

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


IX.      Recordkeeping

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



                                       8
<PAGE>

X.       Confidentiality

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



                                       9
<PAGE>



         Appendices

         Appendix A:



         List of Officers Covered under the Code, by Board:

<TABLE>
<CAPTION>

=========================================== ============================== =========================== ============================
                Fund Board                  Principal Executive Officers      Principal Financial               Treasurer
                                                                                    Officers
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
<S>     <C>    <C>    <C>    <C>    <C>    <C>
Chicago                                     Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Korea                                       Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
New York                                    Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Hedge Strategies Fund                       Pam Kiernan                    Marielena Glassman          Marielena Glassman
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Germany*                                    Michael Clark                  Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Topiary BPI                                 Pam Kiernan                    Marielena Glassman          Marielena Glassman
=========================================== ============================== =========================== ============================
</TABLE>

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


         DeAM Compliance Officer:

         Name: Joseph Yuen

         DeAM Department: Compliance

         Phone Numbers: 212-454-7443

         Fax Numbers: 212-454-4703









As of:   July 19, 2006

                                       10
<PAGE>



Appendix B: Acknowledgement and Certification


                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code



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




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

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

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

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

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













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


                                       11
<PAGE>




                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code



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



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

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

         3.       I have adhered to the Officer Code.

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

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

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

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

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














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


                                       12
<PAGE>


         Appendix C:  Definitions

         Principal Executive Officer

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

         Principal Financial Officer

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

         Registered Investment Management Investment Company

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

         Waiver

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

         Implicit Waiver

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



                                       13
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<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-CSR Certification under Sarbanes Oxley Act</font></b></p>

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

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <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-CSR;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 29, 2007</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <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>
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<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-CSR Certification under Sarbanes Oxley Act</font></b></p>

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

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <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-CSR;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
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            <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>
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            <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>
</div>


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


<div align=left>

<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>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>
</div>


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


<div align=left>

<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>(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>
</div>


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


<div align=left>

<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>
</div>


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


<div align=left>

<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>January 29, 2007</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>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<!-- EEDocs PBStart-->
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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>10
<FILENAME>cert906-mit.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
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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>


<div align=left>

<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-CSR;</font></p> </td> </tr></table>
</div>


<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>


<div align=left>

<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-CSR (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>
</div>


<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 align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" 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>January 29, 2007</font></p> </td>
        <td width="301" 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="289" 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="301" 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="289" 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="301" 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="289" 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="301" 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>
</div>

<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>
<!-- EEDocs PBStart-->
<HR noshade align="center" width="100%" size="2"><PAGE>
<!-- EEDocs PBEnd-->

<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>


<div align=left>

<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-CSR;</font></p> </td> </tr></table>
</div>


<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>


<div align=left>

<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-CSR (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>
</div>


<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 align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" 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>January 29, 2007</font></p> </td>
        <td width="301" 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="289" 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="301" 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="289" 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="301" 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="289" 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="301" 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>
</div>

<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>
<!-- EEDocs PBStart-->
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