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<SEC-DOCUMENT>0000088053-07-000853.txt : 20070730
<SEC-HEADER>0000088053-07-000853.hdr.sgml : 20070730
<ACCEPTANCE-DATETIME>20070730105818
ACCESSION NUMBER:		0000088053-07-000853
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20070531
FILED AS OF DATE:		20070730
DATE AS OF CHANGE:		20070730
EFFECTIVENESS DATE:		20070730

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		071008453

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr053107mit.htm
<DESCRIPTION>SEMIANNUAL REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<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="204" 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="60" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>5/31/07</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;</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">MAY 31, 2007</FONT>
</P>
<H1 CLASS="CLASS_108" ALIGN="CENTER"><FONT COLOR="#000000">Semiannual Report<BR>
to Shareholders</FONT></H1>
<P CLASS="CLASS_110" ALIGN="CENTER"><B><FONT SIZE="+1" COLOR="#000000">DWS Municipal Income Trust</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="mit_cover160.gif" ALT="mit_cover160"></TD>
</TR>


</TABLE>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff">Contents</FONT></B>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#perfsum">Click Here</A></FONT></B><FONT COLOR="#000000">       Performance Summary</FONT>
</P>
<P CLASS="CLASS_39" 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 CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#portsum">Click Here</A></FONT></B><FONT COLOR="#000000">      Portfolio Summary</FONT>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#portfolio">Click Here</A></FONT></B><FONT COLOR="#000000">    Investment Portfolio</FONT>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#fins">Click Here</A></FONT></B><FONT COLOR="#000000"> Financial Statements</FONT>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#high">Click Here</A></FONT></B><FONT COLOR="#000000"> Financial Highlights</FONT>
</P>
<P CLASS="CLASS_39" 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 CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#other">Click Here</A></FONT></B><FONT COLOR="#000000">        Other Information</FONT>
</P>
<P CLASS="CLASS_39" 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 CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#smr">Click Here</A></FONT></B><FONT COLOR="#000000">  Shareholder Meeting Results</FONT>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#addinfo">Click Here</A></FONT></B><FONT COLOR="#000000">      Additional Information</FONT>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">    <A HREF="#priv">Click Here</A></FONT></B><FONT COLOR="#000000"> Privacy Statement</FONT>
</P>
<P CLASS="CLASS_36" 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. Leverage results in additional risks and can magnify the effect of any
losses. All of these factors may result in greater share price volatility. 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 CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">DWS Scudder is part of Deutsche Asset Management, which is the marketing name in
the&nbsp;US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company. </FONT></I>
</P>
<P CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT&nbsp;A&nbsp;DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</FONT></I>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="perfsum" ID="perfsum"></A>Performance Summary    </FONT><FONT SIZE="-1" COLOR="#0091ff">May 31, 2007</FONT></B>
</P>
<P CLASS="CLASS_36" 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 CLASS="CLASS_36" 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 CLASS="CLASS_36" 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_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Average Annual Total Returns </FONT></B><FONT SIZE="-2" COLOR="#000000">as of 5/31/07</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_62" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">DWS Municipal Income Trust</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_97" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">6-Month<SUP>&#135;</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_95" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_95" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">3-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_96" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_95" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">10-Year</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_61" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Based on Net Asset Value<SUP>(a)</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">.22%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4.69%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5.45%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.35%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.54%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_61" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Based on Market Price<SUP>(a)</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5.75%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11.43%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7.01%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.71%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4.87%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_61" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Lehman Brothers Municipal Bond Index<SUP>(b)</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_84" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">.30%</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.84%</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.87%</FONT>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.94%</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.60%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_61" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Lipper General Closed-End Municipal
Debt Funds (Leveraged) Category<SUP>(c)</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_84" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">-.30%</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.92%</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.34%</FONT>
</P>
</TD>
<TD CLASS="CLASS_83" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.01%</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_82" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.36%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.</FONT></I>
</P>
<FONT SIZE="-2" COLOR="#000000"><SUP>&#135;</SUP></FONT><FONT SIZE="-2" COLOR="#000000">        </FONT><I><FONT SIZE="-2" COLOR="#000000">Total returns shown for periods less than one year are not annualized.</FONT></I><BR>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" 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_60" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_94" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 5/31/07</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_94" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 11/30/06</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_105" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT><BR>
</TD>
<TD CLASS="CLASS_74" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_75" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$      11.89</FONT>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_75" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$      12.17</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_105" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Market Price</FONT><BR>
</TD>
<TD CLASS="CLASS_74" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_75" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$      11.32</FONT>
</P>
</TD>
<TD CLASS="CLASS_74" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_75" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$      10.98</FONT>
</P>
</TD>
</TR>


</TABLE>
<P CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Prices and net asset value fluctuate and are not guaranteed.</FONT></I>
</P>
<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 price 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><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>(b)</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><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>(c)</SUP></FONT><FONT SIZE="-2" COLOR="#000000">   </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 based on net asset
value 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><BR>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Distribution Information</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_67" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Six Months as of 5/31/07:</FONT><BR>
<P CLASS="CLASS_18" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income Dividends (common shareholders)</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_73" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$      .29</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_67" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">May Income Dividends (common shareholders)</FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_73" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$      .0480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Net Asset Value)
as&nbsp;of&nbsp;5/31/07<SUP>+</SUP><SUP>+</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_80" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.84%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Market Price)
as&nbsp;of&nbsp;5/31/07<SUP>+</SUP><SUP>+</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_80" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.09%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Net Asset Value) as&nbsp;of&nbsp;5/31/07<SUP>+</SUP><SUP>+</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_80" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.45%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Market Price) as&nbsp;of&nbsp;5/31/07<SUP>+</SUP><SUP>+</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_80" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7.83%</FONT>
</P>
</TD>
</TR>


</TABLE>
<FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP></FONT><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP> </FONT><I><FONT SIZE="-2" COLOR="#000000">Current annualized distribution rate is the latest monthly dividend shown as an
annualized percentage of net asset value/market price on May 31, 2007. 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><BR>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="5">
<P CLASS="CLASS_4" 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;5/31/07</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_92" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Rank</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_93" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_92" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number of
Funds Tracked</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_92" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Percentile
Ranking (%)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_103" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">1-Year</FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">54</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">of</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">55</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">97</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_103" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">3-Year</FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">51</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">of</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">55</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">92</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_103" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">5-Year</FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">44</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">of</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">50</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">87</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_103" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">10-Year</FONT><BR>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">17</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">of</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">39</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">43</FONT>
</P>
</TD>
</TR>


</TABLE>
<P CLASS="CLASS_36" 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 CLASS="CLASS_9" 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 CLASS="CLASS_40" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">Q: Will you describe the general market environment during the
semiannual period ended May 31, 2007?</FONT></B>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">A: </FONT></B><FONT COLOR="#000000">Municipal bonds delivered weak results over the six months.
The municipal bond market, as measured by the Lehman Brothers
Municipal Bond Index, delivered a total return of 0.30% for the six
months ended May 31, 2007.<SUP>1</SUP> The broad taxable bond market, as
measured by the Lehman Brothers Aggregate Bond Index,
delivered a total return of 0.69% for the same period.<SUP>2</SUP></FONT>
</P>
<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><BR>
<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><BR>
<I><FONT SIZE="-2" COLOR="#000000">     Index returns assume reinvestment of dividends and, unlike fund returns, do not include
fees or expenses. It is not possible to invest directly into an index.</FONT></I><BR>
<P CLASS="CLASS_39" ALIGN="LEFT"><FONT COLOR="#000000">The US Federal Reserve Board (the Fed) held rates steady over
the period. This left the federal funds rate &#151; the overnight
interbank lending rate and a benchmark for interest rates
generally &#151; at 5.25% at the end of May 2007. Municipal yields
rose across all maturities over the six months. Since a bond's
yield moves in the opposite direction of its price, this meant that
prices of municipal bonds generally fell. </FONT>
</P>
<P CLASS="CLASS_39" 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. Supply nationally was heavy throughout the six
months, reflecting historically low long-term rates as the fiscal
period began. To illustrate, issuance over the first five months of
2007 was 30% above last year's pace. On the demand side, the
municipal market has continued to be influenced 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 ongoing 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> Positive flows into tax-free mutual funds have
supported the market as well.</FONT>
</P>
<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><BR>
<P CLASS="CLASS_39" ALIGN="LEFT"><FONT COLOR="#000000">The municipal bond yield curve steepened slightly during the
semiannual period. The two-year bond yield increased 23 basis
points from 3.45% to 3.68%, while the 30-year yield increased
34&nbsp;basis points to 4.25% from 3.91%, resulting in a total
steepening of 11 basis points. (See accompanying graph 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_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Municipal Bond Yield Curve </FONT></B><FONT SIZE="-2" COLOR="#000000">(as of 5/31/07 and 11/30/06)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD ALIGN="CENTER" VALIGN="BOTTOM"><IMG SRC="mit_yield110.gif" ALT="mit_yield110"></TD>
</TR>


</TABLE>
<P CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Source: Municipal Market Data, AAA-rated universe</FONT></I>
</P>
<P CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">This chart is for illustrative purposes only and is not intended to represent the yield of any
DWS fund. Performance is historical and does not guarantee future results.</FONT></I>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">Q: How did DWS Municipal Income Trust perform for the
six-month period ended May 31, 2007?</FONT></B>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">A: </FONT></B><FONT COLOR="#000000">DWS Municipal Income Trust delivered a total return based on
net asset value of 0.22% for the semiannual period. The fund
posted a total return based on market price of 5.75%. Its average
peer in the Lipper General Closed-End Municipal Debt Funds
(Leveraged) category delivered -0.30% in the period.<SUP>4</SUP> The fund's
benchmark, the Lehman Brothers Municipal Bond Index, returned
0.30%. (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>
<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 based on net asset
value reported by all of the closed-end funds designated by Lipper Inc. as falling into
the&nbsp;General Closed-End Municipal Debt Funds (Leveraged) Category. For the one-, five-
and 10-year periods this&nbsp;category's average annual total return was 5.92% (55 funds),
7.01% (50 funds) and&nbsp;6.36% (39 funds), respectively, as of 5/31/07. Category returns
assume reinvestment of&nbsp;distributions. It is not&nbsp;possible to invest directly in a Lipper
category.</I></FONT><BR>
<P CLASS="CLASS_39" ALIGN="LEFT"><FONT COLOR="#000000">Over the period, the discount at which the fund trades to its net
asset value narrowed substantially from 9.8% to 4.8%. We
believe this reflects market recognition of the high level of
embedded income provided by the fund's holdings, which
supported a dividend increase early in the period. </FONT>
</P>
<P CLASS="CLASS_40" 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
May&nbsp;31, 2007?</FONT></B>
</P>
<P CLASS="CLASS_39" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#0091ff">A: </FONT></B><FONT COLOR="#000000">Over the period we continued to manage the fund with an eye
on preserving its earnings capacity, meaning that we generally
sought to avoid excessive sales of bonds carrying high distribution
yields. As a result, the fund's duration profile has remained
somewhat conservative due to the natural shortening of bonds
held by the fund.<SUP>5</SUP> The fund's slightly conservative structure with
respect to interest rates helped returns given the increase in
long-term rates over the period. </FONT>
</P>
<FONT SIZE="-2" COLOR="#000000"><SUP>5</SUP><I> Duration is a measure of bond price volatility. Duration can be defined as the
approximate percentage change in price for a 100-basis-point (one single percentage
point) change in market interest rate levels. A duration of 1.25, for example, means that
the price of a bond or bond portfolio should rise by approximately 1.25% for a
one-percentage-point drop in interest rates, and that it should fall by 1.25% for a
one-percentage-point rise in interest rates.</I></FONT><BR>
<P CLASS="CLASS_39" ALIGN="LEFT"><FONT COLOR="#000000">Another reason for the fund's conservative duration profile during
much of the period is that the long-term flattening of the yield
curve that has occurred has significantly reduced the income
advantage provided by longer-term issues. In fact, at the start of
the period, 30-year AAA-rated municipal bond yields were at their
lowest levels in a generation.<SUP>6</SUP> As long-term rates backed up over
the period, we took advantage of opportunities to extend the
fund's duration and increase income.</FONT>
</P>
<FONT SIZE="-2" COLOR="#000000"><SUP>6</SUP><I> Rating agencies assign letter designations such as AAA, AA, and so forth as a measure
of a bond issuer's ability to repay interest and principal in a timely manner. The lower the
rating, the higher the probability of default.</I></FONT><BR>
<P CLASS="CLASS_39" 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. We did not feel that we could
justify any significant tilt toward lower quality given the minimal
incremental reward. This helped performance as credit spreads
began to widen over the period. Our holdings of tobacco-related
issues helped returns again as this sector benefited from spread
tightening and refunding activity.<SUP>7</SUP> Ongoing refunding activity is
the principal explanation for the increased representation of
AAA-rated prerefunded bonds in the fund over the six-month
period. The fund is currently well positioned should quality
spreads continue to widen.</FONT>
</P>
<FONT SIZE="-2" COLOR="#000000"><SUP>7</SUP><I> In a refunding, a municipality issues a bond to raise money to retire previously issued
debt. The proceeds from the new issuance are generally invested in US Treasuries until
the call date of the older bond.</I></FONT><BR>
<P CLASS="CLASS_39" ALIGN="LEFT"><FONT COLOR="#000000">The increase in short-term rates over the period was reflected in
increased borrowing costs related to the fund's preferred shares.
This constrained performance to a degree over the six months.</FONT>
</P>
<P  ALIGN="LEFT"><FONT COLOR="#000000">As noted above, institutional investors using nontraditional
strategies have been driving a fundamental shift in the dynamics
of the municipal market. As a result, we believe that despite the
slight steepening that occurred over the period, the municipal
yield curve can be expected to remain flatter than its history
suggests is the norm. In addition, as their use in hedging
strategies increases, municipal 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 CLASS="CLASS_39" ALIGN="LEFT"><FONT COLOR="#000000">At the end of the period, the 10-year municipal bond was yielding
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 CLASS="CLASS_10" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The views expressed in this report reflect those of the portfolio managers only through the
end of the period of the report as stated on the cover. The managers' views are subject to
change at any time based on market and other conditions and should not be construed as a
recommendation. Past performance is no guarantee of future results.</FONT></I>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="portsum" ID="portsum"></A>Portfolio Summary</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Asset Allocation</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5/31/07</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/06</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Revenue Bonds</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">44%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">47%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">ETM/Prerefunded Bonds</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">35%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">32%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">US Government Secured</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">18%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">17%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lease Obligations</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Quality</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5/31/07</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/06</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AAA</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">74%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">72%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AA</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">A</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BBB</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BB</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Not Rated</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_26" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD CLASS="CLASS_79" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Interest Rate Sensitivity</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5/31/07</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/06</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Average Maturity</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">5.4 years</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">4.5 years</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Duration</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">4.5 years</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">4.1 years</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" 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_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5/31/07</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">11/30/06</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_78" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P CLASS="CLASS_36" 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 CLASS="CLASS_36" 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 CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">For more complete details about the Fund's investment portfolio, see page <A HREF="#portfolio">12</A>. A quarterly
Fact Sheet is&nbsp;available upon request. Please see the Additional Information section for
contact information.</FONT></I>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be
reviewed and copied at the SEC's Public Reference Room in Washington,
D.C. Information on the operation of the SEC's Public Reference Room
may be obtained by calling (800)&nbsp;SEC-0330.</FONT>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="portfolio" ID="portfolio"></A>Investment Portfolio      </FONT><FONT SIZE="-1" COLOR="#0091ff">as of May 31, 2007 (Unaudited)</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Principal
Amount ($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT COLOR="#0091ff">Municipal Bonds and Notes 152.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Alabama 3.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,093,760</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,917,450</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,560,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,993,136</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">16,004,346</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Arizona 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,607,740</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">California 22.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, Health Facilities Financing Authority Revenue,
Sutter Health, Series A, 5.0%, 11/15/2042 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,044,560</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, Special Assessment Revenue, Golden State
Tobacco Securitization Corp.: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-1, 5.0%, 6/1/2033 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,959,240</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.0%, 6/1/2038 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,601,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.625%, 6/1/2038 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,080,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,741,626</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series 2003-A-1, 6.75%, 6/1/2039 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,730,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,506,509</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">4.5%, 8/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,588,700</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series 2, 5.0%, 9/1/2019 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,628,850</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 12/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,600,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,842,558</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 3/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,679,830</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 6/1/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,115,170</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.125%, 4/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,640,680</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 12/1/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,215,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,939,652</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.25%, 4/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,140,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,536,398</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 4/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">110,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">115,834</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State Public Works Board, Lease Revenue,
Department of Corrections &amp; Rehabilitation, Series H,
5.0%, 11/1/2031 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,595,975</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,452,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,712,050</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State University Revenue, Series D, 4.5%,
11/1/2037 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,925,310</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,098,760</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,074,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">104,799,602</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Colorado 4.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,112,710</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Hospital &amp; Healthcare Revenue, Poudre Valley
Health Facilities: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 12/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,145,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,445,613</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,705,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,051,465</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,121,460</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">230,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">244,421</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,299,950</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">21,275,619</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">District of Columbia 8.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">21,201,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">640,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">666,950</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, Series A-2005, 5.25%, 6/1/2027 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,585,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,649,547</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-2005, 5.25%, 6/1/2027 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,245,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,419,217</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,810,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,963,061</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,860,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,933,210</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">37,833,185</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Florida 7.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,267,150</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dade County, FL, Special Assessment Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, Zero Coupon, 10/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,735,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,147,371</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, Zero Coupon, 10/1/2024 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,955,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,076,333</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,029,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Miami-Dade County, FL, Transportation/Tolls Revenue,
Expressway Authority: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,781,633</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,070,050</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,087,430</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,850,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,037,274</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">South Miami, FL, Health Facilities Authority Hospital
Revenue, Baptist Health South Florida Group, 5.0%,
8/15/2032 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,050,500</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">32,546,841</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Georgia 1.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,455,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,720,652</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,187,680</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,908,332</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Hawaii 4.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,800,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,479,184</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Electric Revenue, Department of Budget &amp; Finance,
AMT, Series D, 6.15%, 1/1/2020 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,195,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,285,895</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Port Authority Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,950,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,148,211</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,135,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,320,780</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,310,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,429,635</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">20,663,705</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Idaho 0.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">80,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">80,107</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Illinois 8.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,444,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Core City General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.0%, 1/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,085,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,233,556</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.125%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,149,700</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.125%, 1/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,149,700</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Other General Obligation, Neighborhoods Alive
21 Project: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.0%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,071,250</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 1/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,071,250</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,615,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,842,239</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,618,175</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,190,920</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Higher Education Revenue, DePaul University,
Educational Facilities Authority: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 10/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,695,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,868,181</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 10/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,710,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,819,884</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Sales &amp; Special Tax Revenue, Metropolitan Pier &amp;
Exposition Authority: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, ETM, 5.5%, 6/15/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,955,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,198,065</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 6/15/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,555,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,732,659</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">38,390,179</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Indiana 1.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,364,750</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Kansas 0.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Overland Park, KS, Industrial Development Revenue,
Series&nbsp;A, 7.375%, 1/1/2032 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,257,100</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Kentucky 1.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kentucky, Economic Development Finance Authority, Health
System Revenue, Norton Healthcare: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.5%, 10/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">790,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">860,642</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.5%, 10/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,210,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,298,947</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.625%, 10/1/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,130,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,421,998</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.625%, 10/1/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">870,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">948,317</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6,529,904</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Louisiana 0.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Louisiana, Electric Revenue, 5.75%, 1/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,172,980</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Maine 1.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">375,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">375,518</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,165,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,304,452</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6,679,970</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Maryland 0.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,732,925</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Massachusetts 3.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,255,040</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,108,450</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,117,210</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">16,480,700</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Michigan 2.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,499,745</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Michigan, Industrial Development Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.5%, 6/1/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,425,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,576,282</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.75%, 6/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,640,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,877,475</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">9,953,502</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Minnesota 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,395,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,631,583</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,589,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,221,183</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Missouri 0.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">365,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">369,194</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Nevada 1.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,575,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,671,434</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,450,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,707,131</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,378,565</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New Jersey 12.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,216,280</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,090,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,165,842</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,030,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,775,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,905,162</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,432,578</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,025,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,163,834</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,553,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Tobacco Settlement Financing Corp.,
Series&nbsp;1-A, 5.0%, 6/1/2041 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,841,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,222,180</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,422,480</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">57,952,656</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New York 11.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,608,553</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,770,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,814,657</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,646,670</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,025,230</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State General Obligation, Tobacco Settlement
Financing Corp., Series A-1, 5.25%, 6/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,630,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,937,745</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, Transportation/Tolls Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 4/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,216,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.75%, 4/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,090,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series G, 5.0%, 12/1/2023 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,094,420</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 5.0%, 11/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,813,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, Prerefunded, 5.25%, 8/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">50,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">51,013</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,209,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, Sales &amp; Special Tax Revenue, Transitional
Finance Authority: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,645,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,767,799</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">381,501</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 6.125%, 11/15/2015 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,222,210</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,180,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,302,803</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">53,813,201</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">North Carolina 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Charlotte, NC, Airport Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,480,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,580,589</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.875%, 7/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,140,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,188,815</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">North Carolina, Electric Revenue, Municipal Power Agency: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 5.375%, 1/1/2017 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,053,330</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.375%, 1/1/2013 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,188,010</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,010,744</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">North Dakota 0.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,710,386</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ohio 1.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,999,820</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Oklahoma 0.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tulsa County, OK, Industrial Authority Revenue, First
Mortgage Montercau, Series A, 3.9%*, 7/1/2032, BNP
Paribas (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1,355,000</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Oregon 2.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,076,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,076,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portland, OR, Special Assessment Revenue, Downtown
Waterfront: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.625%, 6/15/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,100,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,282,559</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,225,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,365,242</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2019 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,820,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,997,744</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,797,745</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Pennsylvania 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,758,458</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,182,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,941,058</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Puerto Rico 0.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Commonwealth of Puerto Rico, Public Improvement,
Series&nbsp;A, 5.25%, 7/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1,058,820</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Rhode Island 0.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4,290,920</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">South Carolina 2.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,561,650</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, Prerefunded, 7.0%, 8/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,825,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,607,374</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 7.0%, 8/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">595,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">689,890</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 7.375%, 12/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,260,740</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,125,060</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">12,244,714</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">South Dakota 0.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">South Dakota, State Health &amp; Educational Facilities Authority
Revenue, Sanford Health, 5.0%, 11/1/2027 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1,545,480</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Tennessee 4.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,120,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,690,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,984,391</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">EMT, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,615,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,938,057</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,926,723</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,596,330</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">22,565,601</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Texas 21.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Austin, TX, Sales &amp; Special Tax Revenue, Hotel
Occupancy&nbsp;Tax: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,190,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,356,422</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,480,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,661,552</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,625,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,814,116</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,965,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,078,201</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Carrollton, TX, Farmers Branch Independent School District,
School Building, 4.75%, 2/15/2032 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,091,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,949,345</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">El Paso, TX, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,004,180</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,576,563</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Granbury, TX, Independent School District, 5.0%, 8/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,365,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,533,856</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Harlandale, TX, Independent School District, 5.0%,
8/15/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,775,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,063,886</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,041,420</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,300,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,305,049</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,960,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,165,603</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,661,332</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Socorro, TX, Independent School District, 5.0%, 8/15/2025 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,135,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,386,409</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tarrant County, TX, Cultural Educational Facilities Finance
Corp. Revenue, Texas Health Resources, Series A, 5.0%,
2/15/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,109,640</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,942,170</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,124,620</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,015,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,016,004</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,605,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,034,679</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, White Settlement, Independent School District,
5.125%, 8/15/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,035,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,328,994</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">100,245,241</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Virginia 0.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Virginia, Tobacco Settlement Financing Corp., Series B-1,
5.0%, 6/1/2047 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,200,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">1,176,204</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Washington 5.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,069,613</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Special Assessment Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.5%, 9/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,085,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,136,646</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 9/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,045,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,093,895</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,670,009</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,142,290</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,279,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,585,110</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, State General Obligation, Series A, 5.5%,
7/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,835,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,002,388</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, State Housing Finance Commission, Nonprofit
Revenue, YMCA Tacoma-Pierce County Project, 3.78%*,
12/1/2032, US Bank NA (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">470,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">470,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">25,449,851</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">West Virginia 4.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,556,423</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">395,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">427,157</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital Finance Authority, Charleston
Medical Center: </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,645,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,568,509</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_38" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2030</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,605,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,950,179</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,740,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,937,225</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">20,439,493</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Wisconsin 2.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Badge, WI, Tobacco Asset Securitization Corp., 6.125%,
6/1/2027 </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,980,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,269,465</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" 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_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,163,080</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_23" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,432,545</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Municipal Bonds and Notes</B> (Cost $666,626,580) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">706,279,908</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_107" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT COLOR="#0091ff">Municipal Inverse Floating Rate Notes 8.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">California 2.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">San Jose, CA, Redevelopment Agency, Tax Allocation,
Merged Area Redevelopment Project, Series C, 5.0%,
8/1/2025 (a) (c) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,549,200</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_18" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Trust: California, Puttable Floating Option, Tax Exempt
Receipts, RITES-PA-1505, 144A, 5.822%, 8/1/2025,
Leverage Factor at purchase date: 4 to 1 </FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Illinois 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Aurora, IL, Single Family Mortgage Revenue, Series C,
5.5%, 6/1/2045 (c) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,393,610</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_18" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Trust: Illinois, Puttable Floating Option, Tax Exempt
Receipts, RITES-PA-1449, 144A, AMT, 9.88%, 6/1/2045,
Leverage Factor at purchase date: 4 to 1 </FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Nevada 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Henderson, NV, Health Care Facilities Revenue, Catholic
Healthcare West, Series B, 5.25%, 7/1/2031 (c) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,412,800</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_18" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Trust: Nevada, Puttable Floating Option, Tax Exempt
Receipts, RITES-PA-1494, 144A, 8.88%, 7/1/2031,
Leverage Factor at purchase date: 4&nbsp;to&nbsp;1</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Texas 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, Municipal Gas Acqusition &amp; Supply Corp. I, Gas
Supply Revenue, Series B, 4.148%**, 12/15/2017 (c) </FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">9,995,000</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_18" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Trust: Texas, Municipal Gas Acquisition &amp; Supply Corp. I,
Gas Supply Revenue, RITES-PA-1448, 144A, 4.266%,
12/15/2017, Leverage Factor at purchase date: 2 to 1</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_22" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Municipal Inverse Floating Rate Notes</B> (Cost $38,482,887) </FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">38,350,610</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">% of Net
Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_77" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_21" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Investment Portfolio </B>(Cost&nbsp;$705,109,467)<SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        160.7</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     744,630,518</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Other Assets and Liabilities, Net</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (3.5)</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (16,339,930)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_17" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Preferred Shares, at Redemption Value</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (57.2)</FONT>
</P>
</TD>
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (265,000,000)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_58" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net Assets Applicable to Common Shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        100.0</FONT>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     463,290,588</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<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 May 31, 2007.</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000">**      </FONT><I><FONT SIZE="-2" COLOR="#000000">Floating rate notes are securities whose yields vary with a designated market index or
market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities
are shown at their current rate as of May 31, 2007,</FONT></I><BR>
<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 $704,614,245. At May 31, 2007, net
unrealized appreciation for all securities based on tax cost was $40,016,273. This
consisted of aggregate gross unrealized appreciation for all securities in which there was
an excess of value over tax cost of $40,618,240 and aggregate gross unrealized
depreciation for all securities in which there was an excess of tax cost over value of
$601,967.</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000">(a)     </FONT><I><FONT SIZE="-2" COLOR="#000000">Bond is insured by one of these companies:</FONT></I><BR>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_57" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Insurance Coverage</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_37" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">As a % of Total
Investment Portfolio</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_102" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ambac Financial Group</FONT><BR>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14.0</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_102" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Financial Guaranty Insurance Company</FONT><BR>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11.5</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_102" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Financial Security Assurance, Inc.</FONT><BR>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15.5</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_102" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">MBIA Corp.</FONT><BR>
</TD>
<TD CLASS="CLASS_76" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10.6</FONT>
</P>
</TD>
</TR>


</TABLE>
<FONT SIZE="-2" COLOR="#000000">(b)     </FONT><I><FONT SIZE="-2" COLOR="#000000">Security incorporates a letter of credit from a major bank.</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000">(c)     </FONT><I><FONT SIZE="-2" COLOR="#000000">Security forms part of the below tender option bond trust. The principal amount and
value shown take into account the leverage factor.</FONT></I><BR>
<P CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">144A: Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally to
qualified institutional buyers.</FONT></I>
</P>
<P CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">AMT: Subject to alternative minimum tax</FONT></I>
</P>
<P CLASS="CLASS_36" 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 CLASS="CLASS_36" 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 CLASS="CLASS_36" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">RITES: Residual Interest Tax Exempt Security.</FONT></I>
</P>
<P CLASS="CLASS_36" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="fins" ID="fins"></A>Financial Statements</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Statement of Assets and Liabilities </FONT></B><FONT SIZE="-2" COLOR="#000000">as of May 31, 2007 (Unaudited)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Investments in securities, at value (cost&nbsp;$705,109,467)</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       744,630,518</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Cash</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        219,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Receivable for investments sold</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        11,279,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Interest receivable</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12,308,715</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Other assets</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9,451</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Total assets</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        768,446,884</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Liabilities</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Payable for investments purchased</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,773,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Payable for floating rate notes issued</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25,250,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Distributions payable</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        318,478</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Accrued management fee</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        326,805</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Other accrued expenses and payables</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        487,613</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Total liabilities</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        40,156,296</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares, at redemption value</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     265,000,000</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    463,290,588</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders consist of:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Undistributed net investment income</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        109,149</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        39,521,051</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Accumulated net realized gain (loss)</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (4,583,140)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Paid-in capital</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        428,243,528</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    463,290,588</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000"><B>Net Asset Value</B> per common share ($463,290,588&nbsp;&divide;&nbsp;38,973,231
outstanding shares of beneficial interest, $.01&nbsp;par&nbsp;value, unlimited
number of shares authorized)</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.89</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P CLASS="CLASS_36" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Statement of Operations </FONT></B><FONT SIZE="-2" COLOR="#000000">for the six months ended May 31, 2007 (Unaudited)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Investment Income</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Income:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Interest</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       19,231,454</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Expenses:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Management fee</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,013,024</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Services to shareholders</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        58,095</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Custodian fees</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        19,178</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Auditing</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        27,779</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Legal</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        16,389</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Trustees' fees and expenses</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        23,404</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Reports to shareholders</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        41,556</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Remarketing agent fee</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        330,343</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Stock exchange listing fees</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        17,983</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Interest expense and fees on floating rate notes</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        89,560</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Other</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        62,628</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Total expenses before expense reductions</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,699,939</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Expense reductions</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (29,466)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Total expenses after expense reductions</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,670,473</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net investment income</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     16,560,981</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Realized and Unrealized Gain (Loss) on Investment Transactions</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) from investments</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,910,743</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the period on
investments</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (13,476,924)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net gain (loss) on investment transactions</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (11,566,181)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (4,975,684)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from operations</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    19,116</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P  ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Statement of Cash Flows </FONT></B><FONT SIZE="-2" COLOR="#000000">for the six months ended May 31, 2007 (Unaudited)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Cash Flows from Operating Activities:</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Investment income received<SUP>*</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       19,608,640</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Payment of operating expenses</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (2,581,776)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Payment of interest expense</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (89,560)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Proceeds from sales and maturities of investments</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        191,734,619</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Purchases of investments</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (192,413,743)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Cash provided (used) by operating activities</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    16,258,180</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Cash Flows from Financing Activities:</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Reimbursement by Advisor</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        175,116</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Distributions paid </FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (16,257,294)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Cash provided (used) by financing activities</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (16,082,178)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Increase (decrease) in cash</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        176,002</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Cash at beginning of period</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        42,998</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Cash at end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    219,000</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to
Cash Provided (Used) by Operating Activities:</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from operations <BR>
(excluding dividends on remarketed preferred shares)</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       4,994,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net (increase) decrease in cost of investments</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (5,054,538)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net (increase) decrease in unrealized appreciation (depreciation) on
investments</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,476,924</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">(Increase) decrease in receivable for investments sold</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (11,239,200)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">(Increase) decrease in interest receivable</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        307,657</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">(Increase) decrease in other assets</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (8,534)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Increase (decrease) in payable for investments purchased</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,773,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Increase (decrease) in other accrued expenses and payables</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7,671</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Cash provided (used) by operating activities</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    16,258,180</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<FONT SIZE="-2" COLOR="#000000">*       </FONT><I><FONT SIZE="-2" COLOR="#000000">Non-cash activity from market discount accretion and premium amortization in the net
amount of $69,529 has been excluded from the Statement of Cash Flows.</FONT></I><BR>
<P CLASS="CLASS_36" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" 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_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Increase (Decrease) in Net Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_91" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Six Months
Ended May 31,
2007
(Unaudited)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_91" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Year Ended
November 30,
2006</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Operations:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Net investment income </FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       16,560,981</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       33,421,782</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) on investment transactions</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,910,743</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (898,315)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the
period on investment transactions</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (13,476,924)</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,288,488</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (4,975,684)</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (9,282,908)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from
operations</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        19,116</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25,529,047</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Distributions to common shareholders from:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Net investment income</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (11,224,290)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (24,214,594)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Fund share and paid-in capital transactions:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Net proceeds from shares issued to common
shareholders in reinvestment of distributions</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        655,914</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Reimbursement by Advisor</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        175,116</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets from Fund share
and paid-in capital transactions</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        175,116</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        655,914</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Increase (decrease) in net assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (11,030,058)</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,970,367</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net assets at beginning of period</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        474,320,646</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        472,350,279</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net assets at end of period (including undistributed net
investment income and distributions in excess of net
investment income of $109,149 and $251,858,
respectively)</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    463,290,588</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    474,320,646</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Other Information</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_54" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Common shares outstanding at beginning of period</FONT><BR>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,973,231</FONT>
</P>
</TD>
<TD CLASS="CLASS_32" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,919,429</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Shares issued to common shareholders in
reinvestment of distributions</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        53,802</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Common shares outstanding at end of period</FONT><BR>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,973,231</FONT>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,973,231</FONT>
</P>
</TD>
</TR>


</TABLE>
<P  ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="high" ID="high"></A>Financial Highlights</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30,</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_90" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2007<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2002</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Selected Per Share Data</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, beginning of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.17</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.14</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Income (loss) from investment
operations:</FONT></I>
</P>
<P CLASS="CLASS_18" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income<SUP>b</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .42</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .86</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .87</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .89</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .92</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_18" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized and unrealized gain (loss)
on investment transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_70" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.28)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .03</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.16)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .36</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .22</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred
shares (common share equivalent):</FONT></I>
</P>
<P CLASS="CLASS_18" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">From net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_70" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.13)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.24)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.09)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.07)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.10)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_18" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total from investment operations</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .01</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .65</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .53</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .64</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.21</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.03</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Less distributions from:</FONT></I>
</P>
<P CLASS="CLASS_18" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.29)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.62)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.79)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_18" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain on investment
transactions to common shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_70" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.01)</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_18" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total distributions to common
shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_72" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.29)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.62)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.80)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.89</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.17</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.14</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_52" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Market value, end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.32</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    10.98</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.40</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.03</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.96</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_30" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.06</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total Return</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Based on net asset value&nbsp;(%)<SUP>c</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_72" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .22<SUP>d,g**</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.88<SUP>g</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.45</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.50</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.53</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9.36</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Based on market value&nbsp;(%)<SUP>c</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_72" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.75<SUP>**</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6.47)</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.57</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        15.63</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3.76</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_51" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Ratios to Average Net Assets and Supplemental Data</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_19" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Net assets, end of period ($&nbsp;millions)</FONT><BR>
</TD>
<TD CLASS="CLASS_72" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        463</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        474</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        472</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        489</FONT>
</P>
</TD>
<TD CLASS="CLASS_71" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        473</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of expenses before custodian fee
reductions&nbsp;(%) (based on net assets of
common shares, including interest
expense)<SUP>e</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_70" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.15<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.06</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.05</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of expenses after custodian fee
reductions&nbsp;(%) (based on net assets of
common shares, including interest
expense)<SUP>e</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_70" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.14<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.09</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.06</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.05</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of expenses after custodian fee
reductions&nbsp;(%) (based on net assets of
common shares, excluding interest
expense)</FONT><BR>
</TD>
<TD CLASS="CLASS_70" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.09</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.06</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.05</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_20" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of expenses before custodian fee
reductions (%) (based on net assets of
common and remarketed preferred
shares. including interest expense)<SUP>e</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_70" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .74<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
</TR>


</TABLE>
<P CLASS="CLASS_36" 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_7">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_50" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" 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_89" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2007<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2006</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_88" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2002</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of expenses after custodian fee
reductions (%) (based on net assets of
common and remarketed preferred
shares, including interest expense)<SUP>e</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .73<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .70</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of expenses after custodian fee
reductions (%) (based on net assets of
common and remarketed preferred
shares, excluding interest expense)</FONT><BR>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .70</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of net investment income&nbsp;(%)
(based on net assets of common shares)</FONT><BR>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.08<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.13</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.00</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.35</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.51</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Ratio of net investment income&nbsp;(%)
(based on net assets of common and
remarketed preferred shares)</FONT><BR>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.52<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.55</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.52</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.62</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.75</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.80</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Portfolio turnover rate&nbsp;(%)</FONT><BR>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        55<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        33</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        16</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares information
at end of&nbsp;period:</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Aggregate amount outstanding
($&nbsp;millions)</FONT><BR>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Asset coverage per share&nbsp;($)<SUP>f</SUP></FONT><BR>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,741</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,949</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,912</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,097</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,225</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Liquidation and market value per share&nbsp;($)</FONT><BR>
</TD>
<TD CLASS="CLASS_69" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_68" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="7">
<FONT SIZE="-2" COLOR="#000000"><SUP>a</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">For the six months ended May 31, 2007 (Unaudited).</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>b</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Based on average common shares outstanding during the period.</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>c</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><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>d</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Includes a non-recurring reimbursement from the Advisor for a fee previously charged
to the Fund (see Note G). Excluding this non-recurring reimbursement, total return
would have been 0.04%.</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>e</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Interest expense represents interest and fees on short term floating rate notes issued
in conjunction with inverse floating rate securities. The accounting treatment for such
transactions includes corresponding interest income.</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>f</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Asset coverage per share equals net assets of common shares plus the redemption
value of the remarketed preferred shares divided by the total number of remarketed
preferred shares outstanding at the end of the period.</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>g</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Total return would have been lower had certain fees not been reduced.</FONT></I><BR>
<FONT SIZE="-2" COLOR="#000000"><SUP>*</SUP>    </FONT><I><FONT SIZE="-2" COLOR="#000000">Annualized    </FONT></I><FONT SIZE="-2" COLOR="#000000"><SUP>**</SUP>        </FONT><I><FONT SIZE="-2" COLOR="#000000">Not annualized</FONT></I><BR>
</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="#000000"><A NAME="notes" ID="notes"></A></FONT><FONT SIZE="+1" COLOR="#0091ff">Notes to Financial Statements      </FONT><FONT SIZE="-1" COLOR="#0091ff">(Unaudited)</FONT></B>
</P>
<P CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">A. Significant Accounting Policies</FONT></B>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">DWS 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 CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">In September 2006, the Financial Accounting Standards Board (&quot;FASB&quot;)
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 May 31, 2007, 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 CLASS="CLASS_27" 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 CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">In July 2006, FASB issued Interpretation No. 48 (&quot;FIN 48&quot;), &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. On December 22, 2006, the SEC indicated that they
would not object if a Fund implements FIN 48 in the first required financial
statement reporting period for its fiscal year beginning after December 15,
2006. Management is evaluating 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 CLASS="CLASS_27" 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 CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations, which may differ from accounting principles generally
accepted in the United States of America. These differences primarily
relate to certain securities sold at a loss and accretion of market discount
on debt securities. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during such period. Accordingly, the
Fund may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Fund.</FONT>
</P>
<P  ALIGN="LEFT"><FONT COLOR="#000000">The tax character of current year distributions will be determined at the
end of the current fiscal year.</FONT>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Inverse Floaters. </FONT></B>Inverse floating rate notes are debt instruments with a
weekly floating rate of interest that bears an inverse relationship to
changes in short-term market interest rates. Investments in this type of
instrument involve special risks as compared to investments in a fixed rate
municipal security. The debt instrument in which the Fund may invest is a
tender option bond trust (the &quot;trust&quot;) which can be established by the
Fund, a financial institution, or a broker consisting of underlying municipal
obligations with intermediate to long maturities and a fixed interest rate.
Other investors in the trust usually consist of money market fund
investors receiving weekly floating interest rate payments who have put
options with the financial institutions. The Fund may enter into shortfall
and forbearance agreements by which a Fund agrees to reimburse the
trust, in certain circumstances, for the difference between the liquidation
value of the fixed rate municipal security held by the trust and the
liquidation value of the floating rate notes. Certain inverse floating rate
securities held by the Fund have been created with bonds purchased by
the Fund and subsequently transferred to the trust. These transactions are
considered a form of financing for accounting purposes. As a result, the
Fund includes the original transferred bond and a corresponding liability
equal to the floating rate note issued. The Fund does not consider the
Fund's investment in inverse floaters borrowing within the meaning of the
1940 Act. Inverse floating rate notes exhibit added interest rate sensitivity
compared to other bonds with a similar maturity. Moreover, since these
securities are in a trust form, a sale may take longer to settle than the
standard two days after the trade date. The weighted average outstanding
daily balance of the floating rate notes during the period ended May 31,
2007 was approximately $4,530,220, with a weighted average interest
rate of 3.99%.</FONT>
</P>
<P  ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Statement of Cash Flows. </FONT></B>Information on financial transactions which
have been settled through the receipt and disbursement of cash is
presented in the Statement of Cash Flows. The end of period cash
amount shown in the Statement of Cash Flows represents the cash
position in the Fund's custodian bank at May 31, 2007. Non-cash activity
from market discount accretion and premium amortization has been
excluded from the Statement of Cash Flows.</FONT>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">B. Purchases and Sales of Securities</FONT></B>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">During the six months ended May 31, 2007, purchases and sales of
investment securities (excluding short-term investments) aggregated
$206,187,143 and $202,973,819, respectively.</FONT>
</P>
<P CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">C. Related Parties</FONT></B>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Management Agreement.</FONT></B> Under the Investment Management
Agreement with Deutsche Investment Management Americas Inc.
(&quot;DIMA&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 Investment 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> DWS Scudder Investments Service Company
(&quot;DWS-SISC&quot;), an affiliate of the Advisor, is the transfer agent,
dividend-paying agent and shareholder service agent for the Fund.
Pursuant to a sub-transfer agency agreement between DWS-SISC and
DST Systems, Inc. (&quot;DST&quot;), DWS-SISC has delegated certain transfer
agent and dividend-paying agent functions to DST. DWS-SISC
compensates DST out of the shareholder servicing fee it receives from
the Fund. For the six months ended May 31, 2007, the amount charged&nbsp;to
the Fund by DWS-SISC aggregated $39,438, of which $18,325 is unpaid.</FONT>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Typesetting and Filing Service Fees.</FONT></B> Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Fund. For the six months ended May 31, 2007, the
amount charged to the Fund by DIMA included in the Statement of
Operations under &quot;reports to shareholders&quot; aggregated $15,346, of which
$14,238 is unpaid.</FONT>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 six months ended May 31, 2007, the amount
charged to the Fund by Deutsche Bank Trust Company Americas
aggregated $11,784, all of which is unpaid.</FONT>
</P>
<P CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">D. Fee Reductions</FONT></B>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">For the six months ended May 31, 2007, the Advisor agreed to reimburse
the Fund $12,290, 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 CLASS="CLASS_27" 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 six months ended May 31, 2007, the Fund's custodian fees
were reduced by $391 and $16,785, respectively, for custodian and
transfer agent credits earned.</FONT>
</P>
<P CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">E. Line of Credit </FONT></B>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">The Fund and other affiliated funds (the ``Participants'') share in a
$750&nbsp;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 0.35&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 CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Regulatory Settlements.</FONT></B> The following discusses a number of
settlements with various regulatory agencies involving the Fund's
investment advisor and certain of its affiliates, as well as certain parallel
private litigation matters. These settlements and litigation matters concern
actions relating to improper trading, market timing and sales of shares of
DWS Scudder open-end funds and do not involve the Fund.</FONT>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">On December 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;DAMI&quot;) and Deutsche Investment Management
Americas Inc. (&quot;DIMA&quot;), the investment advisors to many of the DWS
Scudder funds, regarding allegations of improper trading of fund shares 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 funds in the regulators' view indicated that
the funds did not permit market timing, DAMI and DIMA 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 DAMI and DIMA 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, DAMI and DIMA neither admitted nor denied
any wrongdoing.</FONT>
</P>
<P CLASS="CLASS_27" 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
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 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 paid into an escrow account. In
addition, among the terms of the settled orders, DeAM is subject to
certain undertakings regarding the conduct of its business in the future. </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
million and a payment in the amount of $2 million to the Securities Audit
and Enforcement Fund.</FONT>
</P>
<P CLASS="CLASS_27" 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 DIMA,
DAMI 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 DIMA and DAMI 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.
Under the terms of the settlements, in which DIMA, DAMI and SDI
neither admitted nor denied any of the regulators' findings, DIMA, DAMI
and SDI paid disgorgement, prejudgment interest and civil penalties in the
total amount of $19.3 million. In addition, as part of the settlements,
DIMA, DAMI and SDI also agreed to implement certain measures and
undertakings relating to revenue sharing payments.</FONT>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">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. 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 COLOR="#0091ff">G. Payment made by Affiliates</FONT></B>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">During the six months ended May 31, 2007, the Advisor reimbursed the
Fund $175,116 for a fee previously charged to the Fund. This
reimbursement was treated as a capital contribution and is reported as
&quot;Reimbursement by Advisor&quot; on the Statement of Changes in Net
Assets.</FONT>
</P>
<P CLASS="CLASS_108" 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 CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">On March 7, 2007, the Board of Trustees appointed Paul Antosca as
Assistant Treasurer of the fund.</FONT>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="drp" ID="drp"></A>Dividend Repurchase Plan</FONT></B>
</P>
<P CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">A. Participation </FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">B. Dividend Investment Account</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">C. Investment of Distribution Funds Held in Each Account</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">E. Additional Information</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">F. Adjustment of Purchase Price</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">G. Determination of Purchase Price</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">I. Service Charges</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">J. Transfer of Shares Held by Agent</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">K. Shares Not Held in Shareholder's Name</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">M. Withdrawal from Plan</FONT></B>
</P>
<P CLASS="CLASS_27" 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 CLASS="CLASS_16" ALIGN="LEFT"><B><FONT COLOR="#0091ff">N. Tax Implications</FONT></B>
</P>
<P CLASS="CLASS_27" 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="smr" ID="smr"></A>Shareholder Meeting Results</FONT></B>
</P>
<P CLASS="CLASS_10" ALIGN="LEFT"><FONT COLOR="#000000">The Annual Meeting of Shareholders of DWS Municipal Income Trust (the
&quot;Fund&quot;) was held on May 24, 2007. The following matter was voted on by
the shareholders of said Fund (the resulting votes are presented below):</FONT>
</P>
<P CLASS="CLASS_12" ALIGN="LEFT"><FONT COLOR="#000000">I.       To elect nine individuals to constitute the Board of Trustees of
the&nbsp;Fund.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_87" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_86" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Number of Votes:</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_3">
<TD CLASS="CLASS_49" ALIGN="LEFT" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_85" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">For</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_85" ALIGN="CENTER" VALIGN="BOTTOM">
<P CLASS="CLASS_4" ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Withheld</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">John W. Ballantine</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">31,746,075</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,703,286</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Donald L. Dunaway</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">31,729,982</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,719,380</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">James R. Edgar</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">31,742,568</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,706,793</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Paul K. Freeman</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">31,723,396</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,725,965</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Robert B. Hoffman</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">31,724,198</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,725,163</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">William McClayton</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">31,754,412</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,694,950</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Shirley D. Peterson</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">31,704,995</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,744,367</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Axel Schwarzer*</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">50,331</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">0</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<FONT SIZE="-2" COLOR="#000000">Robert H. Wadsworth*</FONT><BR>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">50,331</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="RIGHT" VALIGN="BOTTOM">
<P CLASS="CLASS_43" ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">0</FONT>
</P>
</TD>
</TR>


</TABLE>
<FONT SIZE="-2" COLOR="#000000">*       </FONT><I><FONT SIZE="-2" COLOR="#000000">Elected by preferred shareholders.</FONT></I><BR>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="addinfo" ID="addinfo"></A>Additional Information</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_29" ALIGN="LEFT" VALIGN="TOP" COLSPAN="2">
<P CLASS="CLASS_4" ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Automated
Information Line</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">DWS Scudder Closed-End Fund Info Line</FONT></B>
</P>
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">(800) 349-4281</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Web Sites</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">www.dws-scudder.com </FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">or visit our Direct Link:</FONT><BR>
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">www.cef.dws-scudder.com</FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">Obtain quarterly fact sheets, financial reports, press releases and
webcasts when available.</FONT><BR>
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">www.cef.dws-scudder/alerts.</FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">Register online to receive email alerts on your DWS funds.</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Written
Correspondence</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Deutsche Investment Management Americas Inc.</FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">222 South Riverside Plaza</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Chicago, IL 60606</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Proxy Voting</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<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 (800) 621-1048.</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Legal Counsel</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Vedder, Price, Kaufman &amp; Kammholz, P.C.</FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">222 North LaSalle Street</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Chicago, IL 60601</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Dividend
Reinvestment
Plan&nbsp;Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">UMB Bank</FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">P.O. Box 410064</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Kansas City, MO 64141-0064</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Shareholder
Service Agent and
Transfer Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">DWS Scudder Investments Service Company</FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">P.O. Box 219066</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Kansas City, MO 64121-9066</FONT><BR>
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">(800) 294-4366</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Custodian</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">State Street Bank and Trust Company</FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">225 Franklin Street</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Boston, MA 02110</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">Independent
Registered Public
Accounting Firm</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<P CLASS="CLASS_4" ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Ernst &amp; Young LLP</FONT></B>
</P>
<FONT SIZE="-2" COLOR="#000000">200 Clarendon Street</FONT><BR>
<FONT SIZE="-2" COLOR="#000000">Boston, MA 02116</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_8">
<TD CLASS="CLASS_15" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">NYSE Symbol</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">KTF</FONT><BR>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_5">
<TR CLASS="CLASS_6">
<TD CLASS="CLASS_13" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#0091ff">CUSIP Numbers</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Common Shares</FONT><BR>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">23338M 106</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_13" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Series A (Preferred Shares)</FONT><BR>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">23338M 205</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_13" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Series B (Preferred Shares)</FONT><BR>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">23338M 304</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_13" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Series C (Preferred Shares)</FONT><BR>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">23338M 403</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_13" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Series D (Preferred Shares)</FONT><BR>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">23338M 502</FONT><BR>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_13" ALIGN="RIGHT" VALIGN="TOP">
<P CLASS="CLASS_14" ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">Series E (Preferred Shares)</FONT><BR>
</TD>
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="-2" COLOR="#000000">23338M 601</FONT><BR>
</TD>
</TR>


</TABLE>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff"><A NAME="priv" ID="priv"></A>Privacy Statement</FONT></B>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">This privacy statement is issued by DWS Scudder Distributors, Inc.,
Deutsche Investment Management Americas Inc., DeAM Investor
Services, Inc., DWS Trust Company and the DWS Funds.</FONT>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">We never sell customer lists or individual client information. <B><FONT SIZE="-1">We consider
privacy fundamental to our client relationships and adhere to the
policies and practices described below to protect current and former
clients' information.</FONT> </B>Internal policies are in place to protect confidentiality,
while allowing client needs to be served. Only individuals who need to do
so in carrying out their job responsibilities may access client information.
We maintain physical, electronic and procedural safeguards that comply
with federal and state standards to protect confidentiality. These
safeguards extend to all forms of interaction with us, including the
Internet.</FONT>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our websites, and through
transactions with us or our affiliates. Examples of the nonpublic personal
information collected are name, address, Social Security number and
transaction and balance information. To be able to serve our clients,
certain of this client information is shared with affiliated and nonaffiliated
third party service providers such as transfer agents, custodians, and
broker-dealers to assist us in processing transactions and servicing your
account with us. In addition, we may disclose all of the information we
collect to companies that perform marketing services on our behalf or
to&nbsp;other financial institutions with which we have joint marketing
agreements. The organizations described above that receive client
information may only use it for the purpose designated by the DWS
Scudder Companies listed above.</FONT>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required or
we may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm. </FONT>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">Questions on this policy may be sent to: </FONT>
</P>
<P CLASS="CLASS_27" ALIGN="LEFT"><FONT COLOR="#000000">DWS Scudder <BR>
Attention: Correspondence &#151; Chicago<BR>
P.O. Box 219415<BR>
Kansas City, MO  64121-9415</FONT>
</P>
<P CLASS="CLASS_16" ALIGN="LEFT"><FONT COLOR="#000000">September 2006</FONT>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff">Notes</FONT></B>
</P>
<P  ALIGN="LEFT"><B><FONT SIZE="+1" COLOR="#0091ff">Notes</FONT></B>
</P>
<P  ALIGN="LEFT"><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 CLASS="CLASS_36" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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>
    <tr >
        <td width="103" 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="551" 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="103" 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="551" 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></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="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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 8.</font></B></p> </td>
        <td width="551" 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>
    <tr >
        <td width="103" 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="551" 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="103" 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="551" 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></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="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" 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="551" 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>
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        <td width="103" 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="551" 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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="649" style='margin-left:4.65pt;border-collapse:collapse'>
    <tr style='height:86.0pt'>
        <td width="205" nowrap 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:86.0pt'>
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:2.25pt;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>Period</font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-bottom:none;padding: 0in 5.4pt 0in 5.4pt;height:86.0pt'>
            <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" nowrap valign=bottom style=' border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:86.0pt'>
            <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="120" nowrap valign=bottom style='border:solid black 1.0pt; border-bottom:none;padding: 0in 5.4pt 0in 5.4pt;height:86.0pt'>
            <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" nowrap 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:86.0pt'>
            <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:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom 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:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom 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:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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="96" nowrap valign=bottom 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:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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="96" nowrap valign=bottom 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:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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="96" nowrap valign=bottom 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:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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="96" nowrap valign=bottom 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:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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="96" nowrap valign=bottom 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:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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:15.75pt'>
        <td width="205" nowrap valign=bottom style=' border-left:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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="96" nowrap valign=bottom 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:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom style=' border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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:15.75pt'>
        <td width="205" nowrap valign=bottom 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:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="96" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="108" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td>
        <td width="120" nowrap valign=bottom 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:15.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:15.75pt'>
        <td width="205" nowrap valign=bottom 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:15.75pt'>
            <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="96" nowrap valign=bottom style='border:solid black 1.0pt; border-top:none;padding: 0in 5.4pt 0in 5.4pt;height:15.75pt'>
            <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" nowrap valign=bottom 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:15.75pt'>
            <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" nowrap valign=bottom 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:15.75pt'>
            <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" nowrap valign=bottom 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:15.75pt'>
            <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>
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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="655" style='border-collapse:collapse'>
    <tr >
        <td width="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.</font></p> </td> </tr>
    <tr >
        <td width="103" 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="551" 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="103" 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="551" 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=2>(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during the registrant's last half-year (the registrant's second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting.</font></p> </td> </tr>
    <tr >
        <td width="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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="103" 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="551" 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=2>(a)(1)&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="103" 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="551" 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="103" 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="551" 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=2>(b)&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>
<!-- EEDocs PBStart-->
<!-- EEDocs PBEnd-->

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


</div>




<div style='width:600;'>



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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>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'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
</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="317" 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="125" 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="304" 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="112" 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="283" 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="91" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 30, 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>

<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'>
    <tr >
        <td width="192" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Registrant: </font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
</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="317" 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="125" 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="304" 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="112" 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="283" 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="91" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 30, 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="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=2>By:</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'><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="285" 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="93" 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="283" 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="91" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 30, 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-->
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


</div>



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

<div style='width:600;'>



<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> <b><font face="Arial" size=2></font></b></p>

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

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

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

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

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

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

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

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

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

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


<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-CSRS;</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, 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>
</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>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
</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>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>
</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='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=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>
</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='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=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>
</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='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=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>
</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>
<!-- 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>


<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=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='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>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='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=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;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=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="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>July 30, 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-->
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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:right;'>
<img src="img2.gif"><br> <b><font face="Arial" size=2></font></b></p>

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

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

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

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

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

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

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

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

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

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


<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-CSRS;</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, 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>
</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>3.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </font></p> </td> </tr></table>
</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>4.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </font></p> </td> </tr></table>
</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='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=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </font></p> </td> </tr></table>
</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='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=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </font></p> </td> </tr></table>
</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='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=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </font></p> </td> </tr></table>
</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>
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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='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=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='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>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='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=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>


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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></p> </td> </tr></table>
</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>July 30, 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>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<DOCUMENT>
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<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> <b><font face="Arial" size=2></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-CSRS;</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>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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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>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSRS (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
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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>

<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="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>July 30, 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>
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        <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>
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        <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>
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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>
<!-- 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:right;'>
<img src="img2.gif"><br> </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>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;</font></p> </td> </tr></table>
</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-CSRS (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</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>July 30, 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>
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