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<SEC-DOCUMENT>0000088053-08-000145.txt : 20080206
<SEC-HEADER>0000088053-08-000145.hdr.sgml : 20080206
<ACCEPTANCE-DATETIME>20080206171814
ACCESSION NUMBER:		0000088053-08-000145
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20071130
FILED AS OF DATE:		20080206
DATE AS OF CHANGE:		20080206
EFFECTIVENESS DATE:		20080206

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		08582210

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ar113007mit.htm
<DESCRIPTION>N-CSR - ANNUAL REPORT DWS MUNICIPAL INCOME TRUST
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">UNITED STATES</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">SECURITIES AND EXCHANGE COMMISSION</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">WASHINGTON, D. C. 20549</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">FORM
            N-CSR</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="289" border="0">
                    <tr>
                        <td valign="top" nowrap width="212">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            Investment Company Act file number</p>
                        </td>

                        <td valign="top" nowrap width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            811-05655</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <u><font size="2">DWS Municipal Income Trust</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">(Exact Name of Registrant as Specified in Charter)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">222
            South Riverside Plaza</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <u><font size="2">Chicago, IL 60606</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">Registrant&rsquo;s Telephone Number, including Area Code:</font>
            <u><font size="2">(212) 454-7190</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Paul
            Schubert</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">345
            Park Avenue</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <u><font size="2">New York, NY 10154</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">(Name
            and Address of Agent for Service)</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="193" border="0">
                    <tr>
                        <td valign="top" nowrap width="144">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date of fiscal year end:</font></p>
                        </td>

                        <td valign="top" nowrap width="49">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">11/30</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="211" border="0">
                    <tr>
                        <td valign="top" nowrap width="144">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date of reporting period:</font></p>
                        </td>

                        <td valign="top" nowrap width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">11/30/07</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        </div>

        <p class="CLASS_135" id="mit.html.1" align="center"><font color="#000000">NOVEMBER 30,
        2007</font></p>

        <h1 class="CLASS_133" align="center"><font color="#000000">Annual Report<br>
        to Shareholders</font></h1>

        <p class="CLASS_136" align="center"><b><font color="#0091ff" size="+1">DWS Municipal Income
        Trust</font></b></p>

        <p class="CLASS_12" align="center"><font color="#0091ff">Ticker Symbol: KTF</font></p>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td valign="bottom" align="left">
                <img alt="mit_cover1c0" src="mit_cover1c0.gif"></td>
            </tr>
        </table>

        <p class="CLASS_133" id="mit.html.2" align="left">
        <b><font color="#0091ff" size="+1">Contents</font></b></p>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_134" valign="bottom" align="left">
                    <p class="CLASS_43" align="left">
                    <b><a href="#perfsum"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Performance Summary</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#pmr"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Portfolio Management Review</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#portsum"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Portfolio Summary</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#portfolio"><font color="#0091ff" size="-1">click
                    here</font></a></b> <font color="#000000">Investment Portfolio</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#fins"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Financial Statements</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#high"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Financial Highlights</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#notes"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Notes to Financial Statements</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#ria"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Report of Independent Registered Public Accounting
                    Firm</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#tax"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Tax Information</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#other"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Other Information</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#drp"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Dividend Repurchase Plan</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#ima"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Investment Management Agreement Approval</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#to"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Trustees and Officers</font></p>

                    <p class="CLASS_43" align="left">
                    <b><a href="#addinfo"><font color="#0091ff" size="-1">click here</font></a></b>
                    <font color="#000000">Additional Information</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_25" align="left"><font color="#000000" size="-2">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
        investment, 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 an initial 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_25" align="left"><i><font color="#000000" size="-2">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_25" align="left"><i><font color="#000000" size="-2">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 class="CLASS_133" id="mit.html.3" align="left">
        <b><font color="#0091ff" size="+1"><a id="perfsum" name="perfsum"></a>Performance
        Summary</font> <font color="#0091ff" size="-1">November 30, 2007</font></b></p>

        <p class="CLASS_25" align="left"><b><font color="#000000" size="-2">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_25" align="left"><b><font color="#000000" size="-2">Fund specific data and
        performance are provided for informational purposes only and are not intended for trading
        purposes.</font></b></p>

        <p class="CLASS_25" align="left"><font color="#000000" size="-2">Returns and rankings based
        on net asset value during all periods shown reflect fee reductions. Without these fee
        reductions, returns and rankings would have been lower.</font></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="5">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Average
                    Annual Total Returns</font></b> <font color="#000000" size="-2">as of
                    11/30/07</font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_129" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">DWS
                    Municipal Income Trust</font></b></p>
                </td>

                <td class="CLASS_88" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">1-Year</font></b></p>
                </td>

                <td class="CLASS_88" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">3-Year</font></b></p>
                </td>

                <td class="CLASS_89" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">5-Year</font></b></p>
                </td>

                <td class="CLASS_88" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">10-Year</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_75" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Based on
                    Net Asset Value<sup>(a)</sup></font></b></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <b><font color="#000000" size="-2">2.04%</font></b></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <b><font color="#000000" size="-2">4.11%</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <b><font color="#000000" size="-2">5.64%</font></b></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <b><font color="#000000" size="-2">6.18%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_75" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Based on
                    Market Price<sup>(a)</sup></font></b></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <b><font color="#000000" size="-2">.06%</font></b></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <b><font color="#000000" size="-2">1.01%</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <b><font color="#000000" size="-2">5.09%</font></b></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <b><font color="#000000" size="-2">3.47%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_75" valign="bottom" align="left">
                <font color="#000000" size="-2">Lehman Brothers Municipal Bond
                Index<sup>(b)</sup></font><br>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <font color="#000000" size="-2">2.71%</font></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <font color="#000000" size="-2">4.23%</font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <font color="#000000" size="-2">4.68%</font></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <font color="#000000" size="-2">5.30%</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_75" valign="bottom" align="left">
                <font color="#000000" size="-2">Lipper General Closed-End Municipal Debt Funds
                (Leveraged) Category<sup>(c)</sup></font><br>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <font color="#000000" size="-2">-.78%</font></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <font color="#000000" size="-2">4.97%</font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <font color="#000000" size="-2">6.28%</font></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_91" align="right">
                    <font color="#000000" size="-2">5.67%</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">Sources: Lipper Inc.
        and Deutsche Investment Management Americas Inc.</font></i></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Net Asset
                    Value and Market Price</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_128" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_87" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><b><font color="#000000" size="-2">As of
                    11/30/07</font></b></p>
                </td>

                <td class="CLASS_87" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><b><font color="#000000" size="-2">As of
                    11/30/06</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_74" valign="bottom" align="left">
                <font color="#000000" size="-2">Net Asset Value</font><br>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_108" align="left"><font color="#000000" size="-2">$
                    11.79</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_108" align="left"><font color="#000000" size="-2">$
                    12.17</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_74" valign="bottom" align="left">
                <font color="#000000" size="-2">Market Price</font><br>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_108" align="left"><font color="#000000" size="-2">$
                    10.43</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_108" align="left"><font color="#000000" size="-2">$
                    10.98</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">Prices and net asset
        value fluctuate and are not guaranteed.</font></i></p>
        <font color="#000000" size="-2"><sup>(a)</sup></font>
        <i><font color="#000000" size="-2">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 color="#000000" size="-2"><sup>(b)</sup></font>
        <i><font color="#000000" size="-2">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, unlike Fund returns, do not reflect any fees or expenses. It is
        not possible to invest directly into an index.</font></i><br>
        <font color="#000000" size="-2"><sup>(c)</sup></font>
        <i><font color="#000000" size="-2">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 class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-1">Distribution Information</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_73" valign="bottom" align="left">
                    <font color="#000000" size="-2">Twelve Months as of 11/30/07:</font><br>


                    <p class="CLASS_39" align="left"><font color="#000000" size="-2">Income
                    Dividends (common shareholders)</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="left">
                    <p class="CLASS_106" align="left"><font color="#000000" size="-2">$
                    .58</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_73" valign="bottom" align="left">
                <font color="#000000" size="-2">November Income Dividends (common
                shareholders)</font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="left">
                    <p class="CLASS_106" align="left"><font color="#000000" size="-2">$
                    .0480</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_52" valign="bottom" align="left">
                <font color="#000000" size="-2">Current Annualized Distribution Rate (based on Net
                Asset Value) as&nbsp;of&nbsp;11/30/07<sup>+</sup><sup>+</sup></font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="right">
                    <p class="CLASS_99" align="right">
                    <font color="#000000" size="-2">4.89%</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_52" valign="bottom" align="left">
                <font color="#000000" size="-2">Current Annualized Distribution Rate (based on
                Market Price) as&nbsp;of&nbsp;11/30/07<sup>+</sup><sup>+</sup></font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="right">
                    <p class="CLASS_99" align="right">
                    <font color="#000000" size="-2">5.52%</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_52" valign="bottom" align="left">
                <font color="#000000" size="-2">Tax Equivalent Distribution Rate (based on Net
                Asset Value) as&nbsp;of&nbsp;11/30/07<sup>+</sup><sup>+</sup></font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="right">
                    <p class="CLASS_99" align="right">
                    <font color="#000000" size="-2">7.52%</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_52" valign="bottom" align="left">
                <font color="#000000" size="-2">Tax Equivalent Distribution Rate (based on Market
                Price) as&nbsp;of&nbsp;11/30/07<sup>+</sup><sup>+</sup></font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="right">
                    <p class="CLASS_99" align="right">
                    <font color="#000000" size="-2">8.49%</font></p>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2"><sup>+</sup><sup>+</sup></font>
        <i><font color="#000000" size="-2">Current annualized distribution rate is the latest
        monthly dividend shown as an annualized percentage of net asset value/market price on
        November 30, 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 id="perfsumend" name="perfsumend"></a></font></i><br>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="5">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Lipper
                    Rankings &mdash; General Closed-End Municipal Debt Funds (Leveraged)
                    Category</font></b>
                    <font color="#000000" size="-2">as&nbsp;of&nbsp;11/30/07</font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_127" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">Period</font></b></p>
                </td>

                <td class="CLASS_85" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">Rank</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">&nbsp;</p>
                </td>

                <td class="CLASS_85" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><b><font color="#000000" size="-2">Number of
                    Funds Tracked</font></b></p>
                </td>

                <td class="CLASS_85" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">Percentile Ranking (%)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_72" valign="bottom" align="left">
                <font color="#000000" size="-2">1-Year</font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><font color="#000000" size="-2">5</font></p>
                </td>

                <td class="CLASS_132" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">54</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">10</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_72" valign="bottom" align="left">
                <font color="#000000" size="-2">3-Year</font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">46</font></p>
                </td>

                <td class="CLASS_132" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">54</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">84</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_72" valign="bottom" align="left">
                <font color="#000000" size="-2">5-Year</font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">42</font></p>
                </td>

                <td class="CLASS_132" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">52</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">80</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_72" valign="bottom" align="left">
                <font color="#000000" size="-2">10-Year</font><br>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><font color="#000000" size="-2">9</font></p>
                </td>

                <td class="CLASS_132" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">38</font></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">24</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_25" align="left"><b><font color="#000000" size="-2">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 class="CLASS_133" id="mit.html.5" align="left">
        <b><font color="#0091ff" size="+1"><a id="pmr" name="pmr"></a>Portfolio Management
        Review</font></b></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">DWS Municipal Income Trust:
        A&nbsp;Team&nbsp;Approach&nbsp;to&nbsp;Investing</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">Deutsche Investment Management
        Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the
        investment advisor for DWS Municipal Income Trust. DIMA and its predecessors have more than
        80 years of experience managing mutual funds and DIMA provides a full range of investment
        advisory services to institutional and retail clients.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">Deutsche Asset Management is a
        global asset management organization that offers a wide range of investing expertise and
        resources. This well-resourced global investment platform brings together a wide variety of
        experience and investment insight across industries, regions, asset classes and investing
        styles.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">DIMA is an indirect, wholly owned
        subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that
        is engaged in a wide range of financial services, including investment management, mutual
        funds, retail, private and commercial banking, investment banking and insurance.</font></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">Portfolio Management
        Team</font></b></p>

        <p class="CLASS_12" align="left"><i><font color="#000000" size="-2">Philip G.
        Condon</font></i></p>

        <p class="CLASS_25" align="left"><font color="#000000" size="-2">Managing Director of
        Deutsche Asset Management and Co-Lead Portfolio Manager of the fund.</font></p>

        <p class="CLASS_41" align="left"><font color="#000000" size="-2">Joined Deutsche Asset
        Management in 1983 and the fund team in 1998.</font></p>

        <p class="CLASS_41" align="left"><font color="#000000" size="-2">Over 30 years of
        investment industry experience.</font></p>

        <p class="CLASS_41" align="left"><font color="#000000" size="-2">BA and MBA, University of
        Massachusetts at Amherst.</font></p>

        <p class="CLASS_12" align="left"><i><font color="#000000" size="-2">Eleanor R. Lynch,
        CFA</font></i></p>

        <p class="CLASS_25" align="left"><font color="#000000" size="-2">Director of Deutsche Asset
        Management and Co-Lead Portfolio Manager of the fund.</font></p>

        <p class="CLASS_41" align="left"><font color="#000000" size="-2">Joined Deutsche Asset
        Management in 1995 and the fund team in 1998.</font></p>

        <p class="CLASS_41" align="left"><font color="#000000" size="-2">Over 20 years of
        investment industry experience.</font></p>

        <p class="CLASS_41" align="left"><font color="#000000" size="-2">BS, Ursinus College; MS,
        Drexel University.</font></p>

        <p class="CLASS_11" id="mit.html.6" 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_44" align="left"><i><font color="#000000" size="-2">The views expressed in
        the following discussion reflect those of the portfolio managers only through the end of
        the period of the report as stated on the cover. The management team's views are subject to
        change at any time based on market and other conditions and should not be construed as a
        recommendation. Past performance is no guarantee of future results.</font></i></p>

        <p class="CLASS_43" align="left"><b><font color="#0091ff" size="-1">Q: Will you describe
        the general market environment during the annual period ended November 30,
        2007?</font></b></p>

        <p class="CLASS_47" align="left"><b><font color="#0091ff" size="-1">A:</font></b>
        <font color="#000000">Municipal bonds delivered modest positive results over the
        12&nbsp;months. The municipal bond market, as measured by the Lehman Brothers Municipal
        Bond Index, delivered a total return of 2.71% for the 12 months ended November 30,
        2007.<sup>1</sup> The broad taxable bond market, as measured by the Lehman Brothers
        US&nbsp;Aggregate Index, delivered a total return of 6.05% for the same
        period.<sup>2</sup></font></p>
        <font color="#000000" size="-2"><sup>1</sup></font> <i><font color="#000000" size="-2">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.</font></i><br>
        <font color="#000000" size="-2"><sup>2</sup></font> <i><font color="#000000" size="-2">The
        Lehman Brothers US Aggregate 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.</font></i> <br>
        <i><font color="#000000" size="-2">Index returns, 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_47" align="left"><font color="#000000">The US Federal Reserve Board (the
        Fed) held rates steady for most of the period, before lowering the federal funds rate
        &mdash; the overnight interbank lending rate and a benchmark for interest rates generally
        &mdash; two times totaling 75 basis points (one basis point equals 0.01%) in September and
        October. This left the federal funds rate at 4.50% at the end of November 2007. Municipal
        yields declined on the shorter parts of the curve, while rising on issues over 10
        years.<sup>3</sup> Since a bond's yield moves in the opposite direction of its price, this
        meant that performance of shorter-term municipal bonds was generally better than among
        longer issues.</font></p>
        <font color="#000000" size="-2"><sup>3</sup></font> <i><font color="#000000" size="-2">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 "steep," 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.</font></i><br>

        <p class="CLASS_47" 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 generally heavy during
        the fiscal year, driven by relatively low interest rates, although issuance began to ease
        toward the end of the period. To illustrate, issuance over the first 11 months of 2007 was
        16 percent above last year's pace. On the demand side, much activity early in the period
        was driven by institutional investors using nontraditional strategies to benefit in a
        leveraged fashion from disparities between the tax-free and taxable markets. In the wake of
        the subprime mortgage crisis and resulting credit crunch, much of this interest has waned.
        Another outgrowth of the tighter credit environment has been a trimming of municipal
        inventory on the part of dealers looking to improve balance sheets, further constraining
        demand. Flows into tax-free mutual funds were positive overall for the period.</font></p>

        <p class="CLASS_47" id="mit.html.7" align="left"><font color="#000000">The municipal bond
        yield curve steepened significantly during the annual period. The two-year bond yield
        decreased 27 basis points from 3.45% to 3.18%, while the 30-year yield increased 41 basis
        points to 4.32% from 3.91%, resulting in a total steepening of 68&nbsp;basis points. (See
        the graph on the following page for municipal bond yield changes from the beginning to the
        end of the period.)</font></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Municipal
                    Bond Yield Curve</font></b> <font color="#000000" size="-2">(as of 11/30/06 and
                    11/30/07)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td valign="bottom" align="left">
                <img alt="mit_yield160" src="mit_yield160.gif"></td>
            </tr>
        </table>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">Source: Municipal
        Market Data, AAA-rated universe</font></i></p>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">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 class="CLASS_46" id="mit.html.8" align="left"><b><font color="#0091ff" size="-1">Q: How
        did DWS Municipal Income Trust perform for the 12-month period ended November 30,
        2007?</font></b></p>

        <p class="CLASS_43" align="left"><b><font color="#0091ff" size="-1">A:</font></b>
        <font color="#000000">DWS Municipal Income Trust delivered a total return based
        on&nbsp;net&nbsp;asset value of 2.04% for the fund's fiscal year ended November&nbsp;30,
        2007. The fund posted a return based on market value of 0.06% for this period. Its average
        peer in the Lipper General Closed End Municipal Debt Leveraged Funds category for
        closed-end funds delivered -0.78% in the period.<sup>4</sup> The fund 's benchmark, the
        unmanaged Lehman Brothers Municipal Bond Index, returned 2.71% for the same period. (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 color="#000000" size="-2"><sup>4</sup></font> <i><font color="#000000" size="-2">The
        Lipper General Closed End Municipal Debt Leveraged Funds 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
        mutual funds designated by Lipper Inc. as falling into the General Closed End Municipal
        Debt Leveraged Funds category. For the one-, five- and 10-year periods this category's
        average was -0.78% (54 funds), 6.28% (52 funds) and 5.67% (38 funds), respectively, as of
        November 30, 2007. Category returns assume reinvestment of all dividends. It is not
        possible to invest directly into a Lipper category.</font></i><br>

        <p class="CLASS_43" align="left"><font color="#000000">Over the period, the discount at
        which the fund traded to its net asset value widened slightly from about 10% to a little
        under 11.6%. We believe the discount is largely a function of a broader market focus on
        both liquidity and the cost of credit in the wake of the summer's subprime crisis. We rely
        on access to funding in order to leverage the fund's investments, and&nbsp;the cost of
        pursuing such strategies has risen in the ensuing credit crunch. In addition, closed-end
        funds are generally not heavily traded and therefore tend to be viewed as somewhat illiquid
        by market participants.</font></p>

        <p class="CLASS_42" align="left"><b><font color="#0091ff" size="-1">Q: How was the fund
        positioned, and how did this positioning contribute to its performance for the annual
        period ended November 30, 2007?</font></b></p>

        <p class="CLASS_42" align="left"><b><font color="#0091ff" size="-1">A:</font></b>
        <font color="#000000">Over the period, we continued to manage the fund with an eye on
        preserving its earnings capacity. Early in the period, given an environment of low interest
        rates, we maintained a focus on avoiding excessive sales of bonds carrying high
        distribution yields.</font></p>

        <p class="CLASS_42" align="left"><font color="#000000">The flattening of the yield curve
        that occurred 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
        historically low levels.<sup>5</sup> As a result, our curve positioning favored
        intermediate-term issues over longer-dated issues. This helped performance, as longer-dated
        issues were most impacted by rising yields and falling prices over the year. As long-term
        rates&nbsp;backed up over the period, we have increasingly taken advantage of opportunities
        to extend the fund's duration and increase income.</font></p>
        <font color="#000000" size="-2"><sup>5</sup></font>
        <font color="#000000" size="-2"><i>Credit quality is a measure of a bond issuer's ability
        to repay interest and principal in a timely manner. Rating agencies assign letter
        designations such as AAA, AA and so forth. The lower the rating, the higher the probability
        of default.</i></font><br>

        <p class="CLASS_42" align="left"><font color="#000000">With respect to credit risk, early
        in the year, the yield advantage provided by BBB-rated versus AAA-rated issues remained
        narrow by historical standards, and 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 widened over the period.</font></p>

        <p class="CLASS_42" align="left"><font color="#000000">In our view, credit spreads have
        reached levels where investors are paid more fairly for the incremental risk, and we began
        late in the period to selectively increase exposure to lower-quality issues. As an example,
        we recently increased the fund's holdings of prepaid utility contract bonds after spreads
        widened to attractive levels. These issues are backed by brokerage firms, virtually all of
        whom have some exposure to the subprime issue, and their prices suffered during the
        period.</font></p>

        <p class="CLASS_47" align="left"><font color="#000000">While tobacco-related issues
        underperformed, a number of the fund's holdings within the sector benefited from refunding
        activity (which generally results in a price increase as affected issues experience a
        credit upgrade). Ongoing refunding activity is the principal explanation for the increased
        representation of AAA-rated prerefunded bonds in the fund over the period.</font></p>

        <p class="CLASS_47" 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 12 months.</font></p>

        <p class="CLASS_47" align="left"><font color="#000000">At the end of November, the 10-year
        municipal bond was yielding 92% of the comparable maturity Treasury bond, reflecting an
        unusually attractive relative valuation. As wider credit spreads, a steeper yield curve and
        more favorable municipal valuations have emerged, we have begun to adopt a less defensive
        position in the fund to take advantage of potential opportunities.</font></p>

        <p class="CLASS_43" id="mit.html.10" align="left"><font color="#000000">After the end of
        the fund's fiscal period, the major rating agencies -&mdash; Moody's, Standard &amp; Poor's
        and Fitch &mdash; placed on negative watch or outlook a number of leading bond insurers.
        Additionally, Ambac was downgraded to AA by Fitch. The underlying securities of municipal
        bonds insured by these firms are generally of high credit quality, with an average rating
        in the A category. The majority of the bonds insured by these three companies are backed by
        municipal general obligations, leases, other taxes, or essential purpose revenue bonds.
        While such downgrades have the potential to affect the trading value of a bond, we believe
        the&nbsp;default risk on an underlying municipal credit remains relatively low.</font></p>

        <p class="CLASS_133" id="mit.html.11" align="left">
        <b><font color="#0091ff" size="+1"><a id="portsum" name="portsum"></a>Portfolio
        Summary</font></b></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Asset
                    Allocation</font></b> <font color="#000000" size="-2">(As a
                    %&nbsp;of&nbsp;Investment Portfolio)</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">11/30/07</font></b></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">11/30/06</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Revenue
                    Bonds</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">48%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">47%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">
                    <font color="#000000" size="-2">ETM/Prerefunded Bonds</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">35%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">32%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">US Government
                    Secured</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">14%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">17%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Lease
                    Obligations</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">3%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">4%</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_97" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">100%</font></p>
                </td>

                <td class="CLASS_97" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">100%</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-1">Quality</font></b></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">11/30/07</font></b></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">11/30/06</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">AAA</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">70%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">72%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">AA</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">8%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">4%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">A</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">12%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">14%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">BBB</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">7%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">8%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">BB</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">1%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Not
                    Rated</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">2%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">2%</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_97" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">100%</font></p>
                </td>

                <td class="CLASS_97" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">100%</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Interest
                    Rate Sensitivity</font></b></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">11/30/07</font></b></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">11/30/06</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_96" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">&nbsp;</p>
                </td>

                <td class="CLASS_96" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Average
                    Maturity</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><font color="#000000" size="-2">5.3
                    years</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><font color="#000000" size="-2">4.5
                    years</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">
                    <font color="#000000" size="-2">Duration</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><font color="#000000" size="-2">5.0
                    years</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><font color="#000000" size="-2">4.1
                    years</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Top Five
                    State Allocations</font></b>
                    <font color="#000000" size="-2">(As&nbsp;a&nbsp;%&nbsp;of&nbsp;Investment&nbsp;Portfolio)</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">11/30/07</font></b></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">11/30/06</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">
                    <font color="#000000" size="-2">California</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">16%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">12%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">
                    <font color="#000000" size="-2">Texas</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">11%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right">
                    <font color="#000000" size="-2">12%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New
                    York</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">9%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">9%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">
                    <font color="#000000" size="-2">Illinois</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">7%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">6%</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New
                    Jersey</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">6%</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="right">
                    <p class="CLASS_95" align="right"><font color="#000000" size="-2">7%</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">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_25" align="left"><i><font color="#000000" size="-2">The quality ratings
        represent the lower of Moody's Investors Service, Inc. ("Moody's") or Standard &amp; Poor's
        Corporation ("S&amp;P") 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_25" align="left"><i><font color="#000000" size="-2">For more complete
        details about the Fund's investment portfolio, see page <a href="#portfolio">13</a>. A
        quarterly Fact Sheet is&nbsp;available upon request. Please see the Additional Information
        section for contact information.</font></i></p>

        <p class="CLASS_48" 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 class="CLASS_133" id="mit.html.12" align="left">
        <b><font color="#0091ff" size="+1"><a id="portfolio" name="portfolio"></a>Investment
        Portfolio</font> <font color="#0091ff" size="-1">as of November 30, 2007</font></b></p>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right"><b><font color="#000000" size="-2">Principal
                    Amount ($)</font></b></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right"><b><font color="#000000" size="-2">Value
                    ($)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_94" valign="bottom" align="right" colspan="2">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#0091ff">Municipal Bonds and
                    Notes 149.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Alabama
                    3.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Camden, AL,
                    Industrial Development Board Revenue, AMT, Series B, 6.375%,
                    12/1/2024</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,059,660</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Huntsville,
                    AL, Hospital &amp; Healthcare Revenue, Health Care Authority, Series A, 5.75%,
                    6/1/2031</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,973,275</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Huntsville,
                    AL, Water &amp; Sewer Revenue, AMT, 5.75%,&nbsp;10/1/2011 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,560,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">9,046,807</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">16,079,742</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Arizona
                    2.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Arizona,
                    Hospital &amp; Healthcare Revenue, Health Facilities Authority, Catholic
                    Healthcare West, Series A, 6.625%,&nbsp;7/1/2020</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,630,070</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Arizona, Salt
                    Verde Financial Corp., Gas Revenue, 5.5%,&nbsp;12/1/2029</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,400,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,495,304</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">10,125,374</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">California
                    20.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">California,
                    Health Facilities Financing Authority Revenue, Sutter Health, Series A, 5.0%,
                    11/15/2042</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,004,960</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">California,
                    Special Assessment Revenue, Golden State Tobacco Securitization
                    Corp.:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A-1,
                    5.0%, 6/1/2033</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,145,370</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.0%, 6/1/2038 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,516,325</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    5.625%, 6/1/2038</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,080,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,840,958</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series
                    2003-A-1, 6.75%, 6/1/2039</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">11,730,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">13,646,682</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">California,
                    State General Obligation:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">4.5%,
                    10/1/2029</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">15,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">14,306,550</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series 2,
                    5.0%, 9/1/2019</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,385,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,632,884</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">5.0%,
                    12/1/2020</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,600,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,873,240</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">5.0%,
                    11/1/2027</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,071,790</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">5.0%,
                    6/1/2028</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,051,600</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">5.125%,
                    4/1/2024</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,400,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,627,876</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">5.25%,
                    12/1/2021</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,215,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,979,082</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">5.25%,
                    4/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">110,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">116,199</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">California,
                    State Public Works Board, Lease Revenue, Department of Corrections, Series C,
                    5.5%, 6/1/2021</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,711,550</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">California,
                    State Public Works Board, Lease Revenue, Department of Mental Health, Series A,
                    5.5%, 6/1/2021</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,454,100</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Long Beach,
                    CA, Bond Finance Authority, Natural Gas Purchased Revenue, Series A, 5.5%,
                    11/15/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,095,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Northern
                    California, Tobacco Securitization Authority, Tobacco Settlement Revenue,
                    Series A-1, 5.375%,&nbsp;6/1/2038</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,706,180</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Southern
                    California, Public Power Authority, Natural Gas Project Revenue, Project No.1,
                    Series A, 5.25%,&nbsp;11/1/2026</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,155,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,173,711</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">94,954,057</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Colorado
                    4.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Colorado,
                    Hospital &amp; Healthcare Revenue, Portercare Adventist Health Project, 6.5%,
                    11/15/2031</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,126,400</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Colorado,
                    Hospital &amp; Healthcare Revenue, Poudre Valley Health Facilities:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.5%, 12/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,145,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,464,294</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.0%, 12/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,705,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,056,314</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.0%, 12/1/2016 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,123,160</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Colorado,
                    Single Family Housing Revenue, AMT, Series B2, 7.25%, 10/1/2031</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">205,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">220,094</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Denver, CO,
                    Airport Revenue, AMT, Series A, 6.0%,&nbsp;11/15/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,316,450</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">21,306,712</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">District of
                    Columbia 8.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">District of
                    Columbia, ETM, Series A, Prerefunded, 5.5%,&nbsp;6/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">640,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">665,805</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">District of
                    Columbia, Core City General Obligation, Series B, 5.5%, 6/1/2011 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">20,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">21,461,400</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">District of
                    Columbia, General Obligation:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    Series A-2005, 5.25%, 6/1/2027 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,585,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,634,891</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A-2005,
                    5.25%, 6/1/2027 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,245,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,378,239</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">District of
                    Columbia, Howard University Revenue, Series A, 5.0%, 10/1/2023 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,810,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,969,046</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">District of
                    Columbia, State General Obligation, Series A, 5.5%, 6/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,860,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,931,089</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">38,040,470</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Florida
                    7.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Dade County,
                    FL, Airport Revenue, AMT, Series A, 5.75%,&nbsp;10/1/2026 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">13,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">13,145,990</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Dade County,
                    FL, Special Assessment Revenue:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    Prerefunded, Zero Coupon, 10/1/2022 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,735,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,216,754</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    Prerefunded, Zero Coupon, 10/1/2024 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">16,955,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,210,277</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Hillsborough
                    County, FL, Industrial Development Revenue, University Community Hospital
                    Project, Series A, 5.625%,&nbsp;8/15/2023</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,012,410</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Transportation/Tolls Revenue, Expressway Authority:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">6.0%, 7/1/2013
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,665,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,788,227</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">6.0%, 7/1/2014
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,074,010</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Orange County,
                    FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System,
                    5.75%, 12/1/2032</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,106,550</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Palm Beach
                    County, FL, School District Revenue Lease, Series A, Prerefunded, 5.75%,
                    8/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,850,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,055,656</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">South Miami,
                    FL, Health Facilities Authority Hospital Revenue, Baptist Health South Florida
                    Group, 5.0%,&nbsp;8/15/2032</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,011,320</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">32,621,194</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Georgia
                    3.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Atlanta, GA,
                    Water &amp; Wastewater Revenue, Water Utilities Improvements, 5.0%, 11/1/2024
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,176,880</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Georgia, Main
                    Street Natural Gas, Inc., Gas Project&nbsp;Revenue:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.0%, 3/15/2022</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,340,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,395,490</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.5%, 9/15/2027</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,996,550</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">16,568,920</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Hawaii
                    4.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Hawaii,
                    Airport System Revenue, AMT, Series B, 6.5%,&nbsp;7/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,800,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">9,491,152</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Hawaii,
                    Electric Revenue, Department of Budget &amp; Finance, AMT, Series D, 6.15%,
                    1/1/2020 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,195,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,264,296</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Hawaii, Port
                    Authority Revenue, AMT:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.0%, 7/1/2011 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,950,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,147,857</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.0%, 7/1/2012 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,135,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,338,085</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Hawaii, State
                    General Obligation, Series CT, Prerefunded, 5.75%, 9/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,310,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,429,127</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">20,670,517</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Idaho
                    0.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Idaho, Single
                    Family Housing Revenue, AMT, Series C2, 6.9%, 7/1/2025</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">80,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">80,102</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Illinois
                    8.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Chicago, IL,
                    Airport Revenue, O'Hare International Airport, AMT, 5.5%, 1/1/2014
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,460,800</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Chicago, IL,
                    Core City General Obligation:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.0%, 1/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,085,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,246,045</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.125%, 1/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,160,640</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.125%, 1/1/2016 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,160,640</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Chicago, IL,
                    Other General Obligation, Neighborhoods Alive&nbsp;21 Project:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.0%, 1/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,077,240</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.0%, 1/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,077,240</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Chicago, IL,
                    Water Revenue:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Second Lien,
                    3.58%*, 11/1/2031 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,515,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,515,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.0%, 11/1/2020 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,615,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,882,438</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Illinois,
                    Development Finance Authority, Hospital Revenue,&nbsp;Adventist Health System,
                    Sunbelt Obligation, 5.5%, 11/15/2020</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,624,700</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Illinois,
                    Health Facilities Authority Revenue, Children's Memorial Hospital, Series A,
                    Prerefunded, 5.625%,&nbsp;8/15/2019 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,191,880</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Illinois,
                    Higher Education Revenue, DePaul University, Educational Facilities
                    Authority:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    5.625%, 10/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,695,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,891,924</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    5.625%, 10/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,710,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,834,950</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Illinois,
                    Sales &amp; Special Tax Revenue, Metropolitan Pier &amp; Exposition
                    Authority:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A, ETM,
                    5.5%, 6/15/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,955,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,246,725</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.5%, 6/15/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,555,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,758,238</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">40,128,460</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Indiana
                    1.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Indiana,
                    Hospital &amp; Healthcare Revenue, Health Facilities Authority, 5.5%,
                    11/1/2031</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">5,449,400</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Kansas
                    0.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Overland Park,
                    KS, Industrial Development Revenue, Series&nbsp;A, 7.375%, 1/1/2032</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">3,378,660</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Kentucky
                    1.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Kentucky,
                    Economic Development Finance Authority, Health System Revenue, Norton
                    Healthcare:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.5%, 10/1/2020</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">790,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">864,955</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.5%, 10/1/2020</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,210,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,272,606</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.625%, 10/1/2028</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,130,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,437,460</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.625%, 10/1/2028</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">870,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">929,786</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">6,504,807</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Louisiana
                    0.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Louisiana,
                    Electric Revenue, 5.75%, 1/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">2,203,520</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Maine
                    1.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Maine,
                    Hospital &amp; Healthcare Revenue, Series D, 5.7%,&nbsp;7/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">375,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">375,626</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Maine,
                    Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,165,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,280,964</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">6,656,590</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Maryland
                    0.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Maryland,
                    Hospital &amp; Healthcare Revenue, University of Maryland Medical System,
                    6.75%, 7/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">2,737,950</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-1">Massachusetts 3.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Massachusetts,
                    Airport Revenue, AMT, Series B, 5.5%,&nbsp;7/1/2009 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,237,040</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Massachusetts,
                    Airport Revenue, U.S. Airways, Inc. Project, AMT, Series A, 5.875%, 9/1/2023
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,058,200</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Massachusetts,
                    Port Authority Revenue, AMT, Series B, 5.5%, 7/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,092,580</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">16,387,820</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Michigan
                    2.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Chippewa
                    County, MI, Hospital &amp; Healthcare Revenue, Chippewa County War Memorial,
                    Series B, 5.625%,&nbsp;11/1/2014</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,477,590</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Michigan,
                    Industrial Development Revenue:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">5.5%, 6/1/2018
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,425,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,606,696</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">5.75%,
                    6/1/2016 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,640,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,913,807</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">9,998,093</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Minnesota
                    1.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Minneapolis
                    &amp; St. Paul, MN, Airport Revenue, AMT, Series&nbsp;B, 6.0%, 1/1/2012
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,395,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,642,175</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Minneapolis
                    &amp; St. Paul, MN, Port Authority Revenue, AMT, Series B, 5.625%, 1/1/2015
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,563,525</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">7,205,700</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Missouri
                    0.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Missouri,
                    Hospital &amp; Healthcare Revenue, Lake of the Ozarks General Hospital, 6.5%,
                    2/15/2021</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">365,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">366,146</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Nevada
                    1.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Nevada, State
                    General Obligation, Capital Improvement and Cultural Affairs Project, Series A,
                    5.5%, 2/1/2014</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,575,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,665,485</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Washoe County,
                    NV, School District General Obligation, Prerefunded, 5.75%, 6/1/2014
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,450,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,711,600</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">8,377,085</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">New Jersey
                    10.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New Jersey,
                    Economic Development Authority Revenue, Cigarette Tax, 5.75%,
                    6/15/2034</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,090,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,093,205</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New Jersey,
                    Hospital &amp; Healthcare Revenue, General Hospital Center at Passaic, ETM,
                    6.75%, 7/1/2019 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,142,400</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New Jersey,
                    Industrial Development Revenue, American&nbsp;Water Co., Inc. Project, AMT,
                    Series A, 6.875%,&nbsp;11/1/2034 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,775,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,918,415</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New Jersey,
                    Industrial Development Revenue, Economic Development Authority, Harrogate,
                    Inc., Series A, 5.875%, 12/1/2026</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,400,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,403,262</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New Jersey,
                    Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%,
                    6/1/2032</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,025,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,193,541</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,608,800</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New Jersey,
                    Tobacco Settlement Financing Corp., Series&nbsp;1-A, 5.0%, 6/1/2041</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">839,430</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New Jersey,
                    Transportation/Tolls Revenue, Economic Development Authority, Series A,
                    Prerefunded, 5.75%,&nbsp;5/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,206,700</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New Jersey,
                    Transportation/Tolls Revenue, Garden State Parkway Project, Prerefunded, 5.6%,
                    1/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,453,280</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">47,859,033</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">New York
                    10.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Nassau County,
                    NY, Hospital &amp; Healthcare, 6.0%,&nbsp;8/1/2015&nbsp;(a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,390,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,605,231</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,770,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,803,117</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,671,225</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,018,710</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New York,
                    State General Obligation, Tobacco Settlement Financing Corp., Series A-1,
                    5.25%, 6/1/2022 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,634,800</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New York,
                    Tobacco Settlement Financing Corp., Series&nbsp;B-1C, 5.5%, 6/1/2019</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,894,075</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New York,
                    Transportation/Tolls Revenue:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    5.625%, 4/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,205,350</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    5.75%, 4/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,085,400</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New York, NY,
                    General Obligation:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series D,
                    5.0%, 11/1/2024</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,745,325</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series F,
                    Prerefunded, 5.25%, 8/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">50,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">50,657</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New York, NY,
                    Sales &amp; Special Tax Revenue, Transitional Finance Authority:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    Prerefunded, 6.125%, 11/15/2014</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,645,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,774,906</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    6.125%, 11/15/2014</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">355,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">383,034</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    Prerefunded, 6.125%, 11/15/2015</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,236,160</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Niagara Falls,
                    NY, School District General Obligation, 5.6%,&nbsp;6/15/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,180,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,331,465</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">46,439,455</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">North
                    Carolina 1.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Charlotte, NC,
                    Airport Revenue, AMT:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    5.75%, 7/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,480,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,578,580</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    5.875%, 7/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,140,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,187,492</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">North
                    Carolina, Electric Revenue, Municipal Power Agency:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series C,
                    5.375%, 1/1/2017</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,048,140</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    6.375%, 1/1/2013</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,158,550</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">7,972,762</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">North
                    Dakota 0.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Grand Forks,
                    ND, Hospital &amp; Healthcare Revenue, Altru Health Care System, 7.125%,
                    8/15/2024</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,400,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">3,755,368</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Ohio
                    3.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Buckeye, OH,
                    Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,820,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,594,561</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,763,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">14,357,561</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Oregon
                    2.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Oregon, State
                    General Obligation Lease, Department of Administrative Services, Series A,
                    Prerefunded, 6.25%,&nbsp;5/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,078,840</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Oregon, State
                    Revenue Lease, Department of Administrative Services, Series A, Prerefunded,
                    6.25%,&nbsp;5/1/2018 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,078,840</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Portland, OR,
                    Special Assessment Revenue, Downtown&nbsp;Waterfront:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.625%, 6/15/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,100,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,298,896</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.75%, 6/15/2018 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,225,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,362,995</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.75%, 6/15/2019 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,820,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,994,896</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">10,814,467</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-1">Pennsylvania 1.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,570,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,743,732</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Philadelphia,
                    PA, Gas Works Revenue, Series A-1, 5.0%,&nbsp;9/1/2029 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,162,950</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">7,906,682</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Puerto Rico
                    0.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Commonwealth
                    of Puerto Rico, Public Improvement:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    Series A, 5.25%, 7/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">620,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">697,643</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    5.25%, 7/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">380,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">385,620</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">1,083,263</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Rhode
                    Island 0.9%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Rhode Island,
                    Special Assessment Revenue, Series A, 6.125%, 6/1/2032</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">4,070,000</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">South
                    Carolina 3.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Greenwood
                    County, SC, Hospital &amp; Healthcare Revenue, South Carolina Memorial
                    Hospital, 5.5%, 10/1/2031</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,523,160</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">South
                    Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue,
                    Palmetto Health Alliance:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series C,
                    Prerefunded, 7.0%, 8/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,825,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,698,518</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series C,
                    7.0%, 8/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">595,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">701,047</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 7.375%, 12/15/2021</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,268,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">South
                    Carolina, Tobacco Settlement Revenue Management&nbsp;Authority:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    6.0%, 5/15/2022</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,041,460</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    6.375%, 5/15/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,085,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,088,548</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">15,320,733</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">South
                    Dakota 0.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">South Dakota,
                    State Health &amp; Educational Facilities Authority Revenue, Sanford Health,
                    5.0%, 11/1/2027</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">1,525,305</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Tennessee
                    4.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Clarksville,
                    TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,959,460</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Memphis-Shelby
                    County, TN, Airport Revenue, AMT, Series&nbsp;D, 6.25%, 3/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,690,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,942,650</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Shelby County,
                    TN, Health Educational &amp; Housing Facility Board, Hospital Revenue,
                    Methodist Health Care:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">ETM, 6.5%,
                    9/1/2026</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,615,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,983,218</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    6.5%, 9/1/2026</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,385,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,002,452</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Tennessee,
                    Energy Acquisition Corp., Gas Revenue, Series&nbsp;A, 5.25%,
                    9/1/2019</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,270,340</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">22,158,120</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Texas
                    18.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Austin, TX,
                    Sales &amp; Special Tax Revenue, Hotel&nbsp;Occupancy&nbsp;Tax:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">6.0%,
                    11/15/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,190,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,354,157</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">6.0%,
                    11/15/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,480,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,659,081</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">6.0%,
                    11/15/2016 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,625,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,811,543</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,965,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,850,689</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Dallas-Fort
                    Worth, TX, Airport Revenue, International Airport, AMT, Series A, 5.875%,
                    11/1/2016 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,900,270</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,097,410</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Houston, TX,
                    Airport Revenue, People Mover Project, AMT, Series A, 5.5%, 7/15/2017
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,300,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,303,465</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Houston, TX,
                    Port Authority Revenue, Airport Revenue, AMT, Series A, 5.875%, 7/1/2014
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,960,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,174,434</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Red River, TX,
                    School District Revenue Lease, St. Mark's School Project, 6.0%,
                    8/15/2019</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,390,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,606,624</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Tarrant
                    County, TX, Cultural Educational Facilities Finance Corp. Revenue, Texas Health
                    Resources, Series A, 5.0%,&nbsp;2/15/2026</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,063,160</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Tarrant
                    County, TX, Hospital &amp; Healthcare Revenue, Health Facilities Development
                    Corp., 6.7%, 11/15/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,967,955</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Texas,
                    Industrial Development Revenue, Waste Disposal Authority, AMT, Series A, 6.1%,
                    8/1/2024</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,046,580</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Texas,
                    Municipal Gas Acquisition &amp; Supply Corp I, Gas Supply Revenue, Series B,
                    4.365%**, 12/15/2017</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">9,387,800</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Texas, State
                    General Obligation, College Student Loans, AMT, 5.0%, 8/1/2021</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,015,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,016,205</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Texas, State
                    Turnpike Authority, Dallas Northway Revenue, 5.5%, 1/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">14,605,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">14,921,198</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Texas, White
                    Settlement, Independent School District, 5.125%, 8/15/2026</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,035,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,304,070</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">85,464,641</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Virginia
                    0.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Virginia,
                    Tobacco Settlement Financing Corp., Series B-1, 5.0%, 6/1/2047</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,200,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">996,876</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Washington
                    5.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Seattle, WA,
                    Airport Revenue, AMT, Series B, 6.0%,&nbsp;2/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,355,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,110,432</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Seattle, WA,
                    Special Assessment Revenue, AMT:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    5.5%, 9/1/2011 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,085,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,138,447</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series B,
                    5.75%, 9/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,045,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,099,058</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Skagit County,
                    WA, School District General Obligation, School District No. 1, Burlington
                    Edison, 5.625%,&nbsp;12/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,570,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,685,521</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Snohomish
                    County, WA, Electric Revenue, Public Utility District No. 1, 5.375%, 12/1/2024
                    (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,150,480</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Washington,
                    Electric Revenue, Energy Northwest Columbia Generating, Series B, 6.0%,
                    7/1/2018 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,289,140</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Washington,
                    Hospital &amp; Healthcare Revenue, Group Health Coop of Puget Sound, 5.375%,
                    12/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,585,305</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Washington,
                    State General Obligation, Series A, 5.5%,&nbsp;7/1/2016</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,835,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,001,324</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Washington,
                    State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028 (a)
                    (b)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,435,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">1,458,204</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">26,517,911</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">West
                    Virginia 4.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">West Virginia,
                    Hospital &amp; Healthcare Revenue, Hospital Finance Authority, Charleston
                    Medical Center:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Series A,
                    6.75%, 9/1/2022</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,355,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,588,168</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">6.75%,
                    9/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">395,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">434,109</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">West Virginia,
                    Hospital Finance Authority, Charleston Medical Center:</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    6.75%, 9/1/2022</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">9,645,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,607,957</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Prerefunded,
                    6.75%, 9/1/2030</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,605,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,964,923</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">West Virginia,
                    Water &amp; Sewer Revenue, Water Development Authority, Series B, 5.25%,
                    11/1/2023 (a)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,740,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">2,948,788</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">20,543,945</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Wisconsin
                    2.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Badge, WI,
                    Tobacco Asset Securitization Corp., 6.125%,&nbsp;6/1/2027</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">3,930,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">4,068,690</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">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_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">6,035,640</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">10,104,330</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_33" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2"><b>Total
                    Municipal Bonds and Notes</b> (Cost $649,089,341)</font></p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">686,731,771</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_56" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#0091ff">Municipal Inverse
                    Floating Rate Notes 21.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Arizona
                    2.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Phoenix, AZ,
                    Industrial Development Authority, Single Family Mortgage Revenue, Series
                    2007-3, 5.625%,&nbsp;5/1/2039 (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">11,250,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">12,008,023</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust:
                    Phoenix, AZ, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1509, AMT,
                    144A, 10.614%, 5/1/2039, Leverage Factor at purchase date: 4 to
                    1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">California
                    6.9%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">California,
                    San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%,
                    4/1/2031 (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,481,900</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust:
                    California, Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A,
                    8.66%, 4/1/2031, Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">San Jose, CA,
                    Redevelopment Agency Tax Allocation, Merged Area Redevelopment Project, Series
                    C, 5.0%,&nbsp;8/1/2025 (a) (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,447,800</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust:
                    California, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1505, 144A,
                    8.12%, 8/1/2025, Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">California,
                    State General Obligation, 5.0%, 6/1/2023 (a) (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,633,600</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust:
                    California, State General Obligation, Series 1932, 144A, 8.66%, 6/1/2023,
                    Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">31,563,300</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Illinois
                    4.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Chicago, IL,
                    General Obligation, Series A, 5.0%,&nbsp;1/1/2024&nbsp;(a)&nbsp;(c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,360,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,929,852</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust:
                    Chicago, IL, UBS Municipal (CRVS), Various States, 144A, 8.48%, 1/1/2024,
                    Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Aurora, IL,
                    Single Family Mortgage Revenue, Series C, 5.5%, 6/1/2045 (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">7,309,085</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust:
                    Illinois, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1499, 144A,
                    AMT, 10.03%, 6/1/2045, Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">18,238,937</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Nevada
                    2.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">Henderson, NV,
                    Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%,
                    7/1/2031 (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">10,157,650</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust:
                    Nevada, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1494, 144A,
                    8.16%, 7/1/2031, Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">New York
                    5.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New York,
                    State Dormitory Authority Revenues, State Supported Debt, University Dormitory
                    Facilities, 5.0%,&nbsp;7/1/2025 (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,425,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">5,687,998</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust: New
                    York, State Dormitory Authority Revenues, Secondary Issues, Series 1971-1,
                    144A, 8.479%, 7/1/2025, Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New York,
                    State Dormitory Authority Revenues, State Supported Debt, University Dormitory
                    Facilities, 5.0%,&nbsp;7/1/2027 (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,080,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">8,420,249</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust: New
                    York, State Dormitory Authority Revenues, Secondary Issues, Series 1971-2,
                    144A, 8.48%, 7/1/2027, Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2">New York,
                    State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%,
                    3/15/2024 (c)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10,661,150</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><i><font color="#000000" size="-2">Trust: New
                    York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-3,
                    144A, 8.57%, 3/15/2024, Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_34" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">24,769,397</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_33" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2"><b>Total
                    Municipal Inverse Floating Rate Notes</b> (Cost $96,106,848)</font></p>
                </td>

                <td class="CLASS_24" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <b><font color="#000000" size="-2">96,737,307</font></b></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right"><b><font color="#000000" size="-2">% of Net
                    Assets</font></b></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="right">
                    <p class="CLASS_22" align="right"><b><font color="#000000" size="-2">Value
                    ($)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_94" valign="bottom" align="right" colspan="2">
                    <p class="CLASS_22" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_32" align="left"><font color="#000000" size="-2"><b>Total
                    Investment Portfolio</b> (Cost&nbsp;$745,196,189)<sup>+</sup></font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">170.6</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">783,469,078</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Other
                    Assets and Liabilities, Net</font></b></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(12.9)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">(59,135,237)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Preferred
                    Shares, at Redemption Value</font></b></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(57.7)</font></p>
                </td>

                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">(265,000,000)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_126" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net Assets
                    Applicable to Common Shareholders</font></b></p>
                </td>

                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">100.0</font></p>
                </td>

                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">459,333,841</font></b></p>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2">*</font> <i><font color="#000000" size="-2">Variable rate
        demand notes are securities whose interest rates are reset periodically at market levels.
        These securities are often payable on demand and are shown at their current rate as of
        November 30, 2007.</font></i><br>
        <font color="#000000" size="-2">**</font> <i><font color="#000000" size="-2">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 November 30, 2007,</font></i><br>
        <font color="#000000" size="-2"><sup>+</sup></font> <i><font color="#000000" size="-2">The
        cost for federal income tax purposes was $744,595,772. At November 30, 2007, net unrealized
        appreciation for all securities based on tax cost was $38,873,306. This consisted of
        aggregate gross unrealized appreciation for all securities in which there was an excess of
        value over tax cost of $41,729,654 and aggregate gross unrealized depreciation for all
        securities in which there was an excess of tax cost over value of
        $2,856,348.</font></i><br>
        <font color="#000000" size="-2">(a)</font> <i><font color="#000000" size="-2">Bond is
        insured by one of these companies:</font></i><br>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_125" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Insurance
                    Coverage</font></b></p>
                </td>

                <td class="CLASS_21" valign="bottom" align="right">
                    <p class="CLASS_22" align="right"><b><font color="#000000" size="-2">As a % of
                    Total Investment Portfolio</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_71" valign="bottom" align="left">
                <font color="#000000" size="-2">Ambac Financial Group</font><br>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">13.8</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_71" valign="bottom" align="left">
                <font color="#000000" size="-2">Financial Guaranty Insurance Company</font><br>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">10.1</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_71" valign="bottom" align="left">
                <font color="#000000" size="-2">Financial Security Assurance, Inc.</font><br>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">14.9</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_71" valign="bottom" align="left">
                <font color="#000000" size="-2">MBIA Corp.</font><br>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">9.9</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_71" valign="bottom" align="left">
                <font color="#000000" size="-2">Radian</font><br>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_22" align="right">
                    <font color="#000000" size="-2">0.2</font></p>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2">(b)</font> <i><font color="#000000" size="-2">When-issued
        security.</font></i><br>
        <font color="#000000" size="-2">(c)</font> <i><font color="#000000" size="-2">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_25" id="mit.html.22" align="left"><i><font color="#000000" size="-2">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_25" align="left"><i><font color="#000000" size="-2">AMT: Subject to
        alternative minimum tax</font></i></p>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">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_25" align="left"><i><font color="#000000" size="-2">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_25" align="left"><i><font color="#000000" size="-2">RITES: Residual
        Interest Tax Exempt Security.</font></i></p>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">The accompanying notes
        are an integral part of the financial statements.</font></i></p>

        <p class="CLASS_133" id="mit.html.23" align="left">
        <b><font color="#0091ff" size="+1"><a id="fins" name="fins"></a>Financial
        Statements</font></b></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Statement
                    of Assets and Liabilities</font></b> <font color="#000000" size="-2">as of
                    November 30, 2007</font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">Assets</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Investments in securities, at value
                (cost&nbsp;$745,196,189)</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    783,469,078</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Cash</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">55,214</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Receivable for investments sold</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">100,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Interest receivable</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">12,549,804</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Total assets</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">796,174,096</font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">Liabilities</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Payable for investments purchased &mdash;
                when-issued security</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1,412,858</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Payable for floating rate notes issued</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">69,083,500</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Distributions payable</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">497,783</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Accrued management fee</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">327,705</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Other accrued expenses and payables</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">518,409</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Total liabilities</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">71,840,255</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Remarketed
                    preferred shares, at redemption value</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">265,000,000</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net assets
                    applicable to common shareholders</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    459,333,841</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net Assets
                    Applicable to Common Shareholders Consist of</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Undistributed net investment income</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">61,847</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Net unrealized appreciation (depreciation) on
                investments</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">38,272,889</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Accumulated net realized gain (loss)</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(6,452,090)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Paid-in capital</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">427,451,195</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net assets
                    applicable to common shareholders</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    459,333,841</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net Asset
                    Value</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2"><b>Net Asset Value</b> per common share
                ($459,333,841&nbsp;&divide;&nbsp;38,973,231 outstanding shares of beneficial
                interest, $.01&nbsp;par&nbsp;value, unlimited shares authorized)</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    11.79</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">The accompanying notes
        are an integral part of the financial statements.</font></i></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Statement
                    of Operations</font></b> <font color="#000000" size="-2">for the year ended
                    November 30, 2007</font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Investment
                    Income</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Income:</font><br>
                <font color="#000000" size="-2">Interest</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    39,702,646</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Expenses:</font><br>
                <font color="#000000" size="-2">Management fee</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">4,004,227</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Services to shareholders</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">87,660</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Custodian fees</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">30,527</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Professional fees</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">96,204</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Trustees' fees and expenses</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">43,604</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Reports to shareholders</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">89,077</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Remarketing agent fee</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">662,501</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Stock exchange listing fees</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">33,229</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Interest expense and fees on floating rate
                notes</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1,282,883</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Other</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">108,665</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Total expenses before expense reductions</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">6,438,577</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Expense reductions</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(42,833)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Total expenses after expense reductions</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">6,395,744</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net
                    investment income</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">33,306,902</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Realized
                    and Unrealized Gain (Loss)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Net realized gain (loss) from
                investments</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(768,584)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Change in net unrealized appreciation
                (depreciation) on investments</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(14,725,086)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net gain
                    (loss)</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">(15,493,670)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Dividends
                    on remarketed preferred shares</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">(10,526,572)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net
                    increase (decrease) in net assets resulting from operations</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    7,286,660</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_25" id="mit.html.24" align="left"><i><font color="#000000" size="-2">The
        accompanying notes are an integral part of the financial statements.</font></i></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Statement
                    of Cash Flows</font></b> <font color="#000000" size="-2">for the year ended
                    November 30, 2007</font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Cash Flows
                    from Operating Activities:</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Investment income received<sup>*</sup></font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    39,938,931</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Payment of operating expenses</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(5,072,577)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Payment of interest expense</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(1,282,883)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Proceeds from sales and maturities of
                investments</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">414,145,093</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Purchases of investments</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(484,121,796)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Cash
                    provided (used) by operating activities</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    (36,393,232)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Cash Flows
                    from Financing Activities:</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_13">
                <td class="CLASS_70" valign="bottom" align="left">
                <font color="#000000" size="-2">Net increase (decrease) in payable for floating
                rate notes issued</font><br>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    69,083,500</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Reimbursement by Advisor</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">175,116</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Distributions paid</font> <br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(32,853,168)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Cash
                    provided (used) by financing activities</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">36,405,448</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Increase (decrease) in cash</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">12,216</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Cash at beginning of period</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">42,998</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Cash at end
                    of period</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    55,214</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">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_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">Increase (decrease) in net assets resulting from
                operations (excluding&nbsp;dividends on remarketed preferred shares)</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    17,813,232</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">(Increase) decrease in cost of
                investments</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(70,391,260)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">(Increase) decrease in unrealized appreciation
                (depreciation) on investments</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">14,725,086</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                <font color="#000000" size="-2">(Increase) decrease in receivable for investments
                sold</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(60,000)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">(Increase) decrease in interest
                receivable</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">66,568</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">(Increase) decrease in other assets</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">917</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Increase (decrease) in payable for investments
                purchased</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1,412,858</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Increase (decrease) in other accrued expenses and
                payables</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">39,367</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Cash
                    provided (used) by operating activities</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    (36,393,232)</font></b></p>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2">*</font> <i><font color="#000000" size="-2">Non-cash
        activity from discount accretion and premium amortization in the net amount of $169,717 has
        been excluded from the Statement of Cash Flows.</font></i><br>

        <p class="CLASS_25" align="left"><i><font color="#000000" size="-2">The accompanying notes
        are an integral part of the financial statements.</font></i></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Statement
                    of Changes in Net Assets</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_124" valign="bottom" align="left" rowspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Increase
                    (Decrease) in Net Assets</font></b></p>
                </td>

                <td class="CLASS_83" valign="bottom" align="center" colspan="2">
                    <p class="CLASS_22" align="center"><b><font color="#000000" size="-2">Years
                    Ended November 30,</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_82" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2007</font></b></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2006</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_69" valign="bottom" align="left">
                <font color="#000000" size="-2">Operations:</font><br>
                <font color="#000000" size="-2">Net investment income</font> <br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    33,306,902</font></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    33,421,782</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Net realized gain (loss)</font> <br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(768,584)</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(898,315)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Change in net unrealized appreciation
                (depreciation)</font> <br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(14,725,086)</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">2,288,488</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Dividends on remarketed preferred shares</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(10,526,572)</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(9,282,908)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_69" valign="bottom" align="left">
                <font color="#000000" size="-2">Net increase (decrease) in net assets resulting
                from operations</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">7,286,660</font></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">25,529,047</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_69" valign="bottom" align="left">
                <font color="#000000" size="-2">Distributions to common shareholders
                from:</font><br>
                <font color="#000000" size="-2">Net investment income</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(22,448,581)</font></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(24,214,594)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Fund share and paid-in capital
                transactions:</font><br>
                <font color="#000000" size="-2">Net proceeds from shares issued to common
                shareholders in reinvestment of distributions</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">655,914</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Reimbursement by Advisor</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">175,116</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_69" valign="bottom" align="left">
                <font color="#000000" size="-2">Net increase (decrease) in net assets from Fund
                share and paid-in capital transactions</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">175,116</font></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">655,914</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_69" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Increase
                    (decrease) in net assets</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(14,986,805)</font></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1,970,367</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Net assets at beginning of period</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">474,320,646</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">472,350,279</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_69" valign="bottom" align="left">
                <font color="#000000" size="-2">Net assets at end of period (including
                undistributed net investment income and distributions in excess of net investment
                income of $61,847 and $251,858, respectively)</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    459,333,841</font></b></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    474,320,646</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Other
                    Information</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_69" valign="bottom" align="left">
                <font color="#000000" size="-2">Common shares outstanding at beginning of
                period</font><br>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">38,973,231</font></p>
                </td>

                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">38,919,429</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Shares issued to common shareholders in
                reinvestment of distributions</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">53,802</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Common shares outstanding at end of
                period</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">38,973,231</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">38,973,231</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_25" id="mit.html.26" align="left"><i><font color="#000000" size="-2">The
        accompanying notes are an integral part of the financial statements.</font></i></p>

        <p class="CLASS_133" id="mit.html.27" align="left">
        <b><font color="#0091ff" size="+1"><a id="high" name="high"></a>Financial
        Highlights</font></b></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_123" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Years Ended
                    November 30,</font></b></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2007</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2006</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2005</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2004</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2003</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="6">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Selected
                    Per Share Data</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_122" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net asset
                    value, beginning of period</font></b></p>
                </td>

                <td class="CLASS_27" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.17</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.14</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.42</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.59</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.18</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><i><font color="#000000" size="-2">Income
                    (loss) from investment operations:</font></i></p>

                    <p class="CLASS_39" align="left"><font color="#000000" size="-2">Net investment
                    income<sup>a</sup></font></p>
                </td>

                <td class="CLASS_104" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.85</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.86</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.87</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.89</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.92</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_40" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><font color="#000000" size="-2">Net realized
                    and unrealized gain (loss)</font></p>
                </td>

                <td class="CLASS_102" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.38)</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.03</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.17)</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.16)</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.36</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_40" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><i><font color="#000000" size="-2">Dividends
                    on remarketed preferred shares (common share equivalent):</font></i></p>

                    <p class="CLASS_39" align="left"><font color="#000000" size="-2">From net
                    investment income</font></p>
                </td>

                <td class="CLASS_102" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.27)</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.24)</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.17)</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.09)</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.07)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><b><font color="#000000" size="-2">Total from
                    investment operations</font></b></p>
                </td>

                <td class="CLASS_104" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.20</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.65</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.53</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.64</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.21</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><i><font color="#000000" size="-2">Less
                    distributions from:</font></i></p>

                    <p class="CLASS_39" align="left"><font color="#000000" size="-2">Net investment
                    income</font></p>
                </td>

                <td class="CLASS_104" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.58)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.62)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.81)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.81)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.79)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_40" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><font color="#000000" size="-2">Net realized
                    gains to common shareholders</font></p>
                </td>

                <td class="CLASS_102" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.01)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_39" align="left"><b><font color="#000000" size="-2">Total
                    distributions to common shareholders</font></b></p>
                </td>

                <td class="CLASS_104" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.58)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.62)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.81)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.81)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(.80)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_38" valign="bottom" align="left">
                <font color="#000000" size="-2">Reimbursement by Advisor</font><br>
                </td>

                <td class="CLASS_104" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">.00<sup>*</sup></font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_122" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Net asset
                    value, end of period</font></b></p>
                </td>

                <td class="CLASS_27" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    11.79</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.17</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.14</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.42</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.59</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_122" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Market
                    value, end of period</font></b></p>
                </td>

                <td class="CLASS_27" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    10.43</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    10.98</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.40</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    12.03</font></b></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">$
                    11.96</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="6">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Total
                    Return</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_38" valign="bottom" align="left">
                <font color="#000000" size="-2">Based on net asset
                value&nbsp;(%)<sup>b</sup></font><br>
                </td>

                <td class="CLASS_104" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">2.04<sup>c,f</sup></font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">5.88<sup>f</sup></font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">4.45</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">5.50</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">10.53</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_38" valign="bottom" align="left">
                <font color="#000000" size="-2">Based on market
                value&nbsp;(%)<sup>b</sup></font><br>
                </td>

                <td class="CLASS_104" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.06</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">(6.47)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">10.15</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">7.57</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">15.63</font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_121" valign="bottom" align="left" colspan="6">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Ratios to
                    Average Net Assets and Supplemental Data</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_38" valign="bottom" align="left">
                <font color="#000000" size="-2">Net assets, end of period
                ($&nbsp;millions)</font><br>
                </td>

                <td class="CLASS_104" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">459</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">474</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">472</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">482</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">489</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_40" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses before fee reductions&nbsp;(%)
                (based on net assets of common shares, including interest
                expense)<sup>d</sup></font><br>
                </td>

                <td class="CLASS_102" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.39</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.06</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.05</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_40" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses after fee reductions&nbsp;(%)
                (based on net assets of common shares, including interest
                expense)<sup>d</sup></font><br>
                </td>

                <td class="CLASS_102" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.38</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.09</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.06</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.05</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_40" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses after fee reductions&nbsp;(%)
                (based on net assets of common shares, excluding interest expense)</font><br>
                </td>

                <td class="CLASS_102" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.09</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.06</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">1.05</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_40" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses before fee reductions (%) (based
                on net assets of common and remarketed preferred shares, including interest
                expense)<sup>d</sup></font><br>
                </td>

                <td class="CLASS_102" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.88</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.71</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.71</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_120" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Years Ended
                    November 30,</font></b> <font color="#000000" size="-2">(continued)</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2007</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2006</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2005</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2004</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2003</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses after fee reductions (%) (based
                on net assets of common and remarketed preferred shares, including interest
                expense)<sup>d</sup></font><br>
                </td>

                <td class="CLASS_101" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.88</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.70</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.71</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses after fee reductions (%) (based
                on net assets of common and remarketed preferred shares, excluding interest
                expense)</font><br>
                </td>

                <td class="CLASS_101" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.70</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.70</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.71</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of net investment income&nbsp;(%) (based on
                net assets of common shares)</font><br>
                </td>

                <td class="CLASS_101" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">7.19</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">7.13</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">7.00</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">7.15</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">7.35</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of net investment income&nbsp;(%) (based on
                net assets of common and remarketed preferred shares)</font><br>
                </td>

                <td class="CLASS_101" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">4.57</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">4.55</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">4.52</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">4.62</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">4.75</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Portfolio turnover rate&nbsp;(%)</font><br>
                </td>

                <td class="CLASS_101" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">57</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">33</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">16</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">25</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">7</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Remarketed preferred shares information at end
                of&nbsp;period:</font><br>
                <font color="#000000" size="-2">Aggregate amount outstanding
                ($&nbsp;millions)</font><br>
                </td>

                <td class="CLASS_101" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">265</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Asset coverage per
                share&nbsp;($)<sup>e</sup></font><br>
                </td>

                <td class="CLASS_101" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">13,667</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">13,949</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">13,912</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">14,097</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">14,225</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Liquidation and market value per
                share&nbsp;($)</font><br>
                </td>

                <td class="CLASS_101" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_100" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_12">
                <td class="CLASS_111" valign="bottom" align="left" colspan="6">
                <font color="#000000" size="-2"><sup>a</sup></font>
                <i><font color="#000000" size="-2">Based on average common shares outstanding
                during the period.</font></i><br>
                <font color="#000000" size="-2"><sup>b</sup></font>
                <i><font color="#000000" size="-2">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 color="#000000" size="-2"><sup>c</sup></font>
                <i><font color="#000000" size="-2">Includes a non-recurring reimbursement from the
                Advisor for a fee previously charged to the Fund (see Note F). Excluding this
                non-recurring reimbursement, total return would have been 0.04%
                lower.</font></i><br>
                <font color="#000000" size="-2"><sup>d</sup></font>
                <i><font color="#000000" size="-2">Interest expense represents interest and fees on
                short term floating rate notes issued in conjunction with inverse floating rate
                securities. Interest income from such transactions is included in income from
                investment operations.</font></i><br>
                <font color="#000000" size="-2"><sup>e</sup></font>
                <i><font color="#000000" size="-2">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 color="#000000" size="-2"><sup>f</sup></font>
                <i><font color="#000000" size="-2">Total return would have been lower had certain
                fees not been reduced.</font></i><br>
                <font color="#000000" size="-2"><sup>*</sup></font>
                <i><font color="#000000" size="-2">Amount is less than $.005.</font></i><br>
                </td>
            </tr>
        </table>

        <p class="CLASS_133" id="mit.html.29" align="left">
        <b><a id="notes" name="notes"></a><font color="#0091ff" size="+1">Notes to Financial
        Statements</font></b></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">A. Significant Accounting
        Policies</font></b></p>

        <p class="CLASS_48" 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_48" 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_48" 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_48" 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_48" 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_48" align="left"><font color="#000000">In September 2006, the Financial
        Accounting Standards Board ("FASB") released Statement of Financial Accounting Standards
        No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a
        framework for measuring fair value and expands disclosures about fair value measurements.
        FAS 157 is effective for fiscal years beginning after November 15, 2007. As of November 30,
        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 class="CLASS_48" align="left">
        <font color="#000000"><b><font size="-1">When-Issued/Delayed Delivery
        Securities.</font></b> The Fund may purchase securities with delivery or payment to occur
        at a later date beyond the normal settlement period. At the time the Fund enters into a
        commitment to purchase a security, the transaction is recorded and the value of the
        security is reflected in the net asset value. The price of such security and the date when
        the security will be delivered and paid for are fixed at the time the transaction is
        negotiated. The value of the security may vary with market fluctuations. No interest
        accrues to the Fund until payment takes place. At the time the Fund enters into this type
        of transaction it is required to segregate cash or other liquid assets at least equal to
        the amount of the commitment.</font></p>

        <p class="CLASS_48" id="mit.html.30" align="left"><font color="#000000">Certain risks may
        arise upon entering into when-issued or delayed delivery securities from the potential
        inability of counterparties to meet the terms of their contracts or if the issuer does not
        issue the securities due to political, economic, or other factors. Additionally, losses may
        arise due to changes in the value of the underlying securities.</font></p>

        <p class="CLASS_48" 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_48" align="left"><font color="#000000">At November 30, 2007, the Fund had a
        net tax basis capital loss carryforward of approximately $5,837,000 which may be applied
        against any realized net taxable capital gains of each succeeding year until fully utilized
        or until November 30, 2008 ($3,602,000), November 30, 2011 ($1,323,000) and November 30,
        2014 ($912,000), the respective expiration dates, whichever occurs first. During the year
        ended November 30, 2007, the Fund utilized approximately $204,000 and lost through
        expiration approximately $617,000 of a prior year capital loss carryforward. In addition,
        from November 1, 2007 through November 30, 2007, the Fund incurred approximately $970,000
        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,
        2008.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">In July 2006, FASB issued
        Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes &mdash; an
        interpretation of FASB Statement No. 109" (the "Interpretation"). 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_48" 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_48" id="mit.html.31" 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 class="CLASS_48" align="left"><font color="#000000">At November 30, 2007, the Fund's
        components of distributable earnings (accumulated losses) on a tax-basis were as
        follows:</font></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_8">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Undistributed tax-exempt income</font><br>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    595,828</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Capital loss carryforwards</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    (5,837,000)</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Net unrealized appreciation (depreciation) on
                investments</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    38,873,306</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_48" align="left"><font color="#000000">In addition, the tax character of
        distributions paid to shareholders by the Fund is summarized as follows:</font></p>

        <table class="CLASS_10" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_119" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_78" valign="bottom" align="center" colspan="2">
                    <p class="CLASS_22" align="center"><b><font color="#000000" size="-2">Years
                    Ended November 30,</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_119" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_77" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2007</font></b></p>
                </td>

                <td class="CLASS_77" valign="bottom" align="center">
                    <p class="CLASS_22" align="center">
                    <b><font color="#000000" size="-2">2006</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Distributions from ordinary income</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    &mdash;</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left">
                    <font color="#000000" size="-2">48,947</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_65" valign="bottom" align="left">
                <font color="#000000" size="-2">Distributions from tax-exempt income</font><br>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    32,975,153</font></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><font color="#000000" size="-2">$
                    33,448,555</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_48" 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_48" 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 "trust") 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.</font></p>

        <p class="CLASS_48" id="mit.html.32" align="left"><font color="#000000">The weighted
        average outstanding daily balance of the floating rate notes during the period ended
        November&nbsp;30, 2007 was approximately $32,940,000, with a weighted average interest rate
        of 3.92%.</font></p>

        <p class="CLASS_48" 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 November 30, 2007. Non-cash activity from discount accretion and
        premium amortization has been excluded from the Statement of Cash Flows.</font></p>

        <p class="CLASS_48" align="left">
        <b><font color="#000000" size="-1">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_48" 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_51" id="mit.html.33" align="left"><b><font color="#0091ff">B. Purchases and
        Sales of Securities</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">During the year ended November 30,
        2007, purchases and sales of investment securities (excluding short-term investments)
        aggregated $485,534,654 and $414,205,093, respectively.</font></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">C. Related Parties</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000"><b><font size="-1">Management
        Agreement.</font></b> Under the Investment Management Agreement with Deutsche Investment
        Management Americas Inc. ("DIMA" or the "Advisor"), 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
        management fee payable under the Investment Management Agreement is equal to an annual rate
        of 0.55% of the Fund's average weekly net assets, computed and accrued daily and payable
        monthly.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000"><b><font size="-1">Service Provider
        Fees.</font></b> DWS Scudder Investments Service Company ("DWS-SISC"), 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.
        ("DST"), DWS-SISC has delegated certain transfer agent, dividend-paying agent and
        shareholder service agent functions to DST. DWS-SISC compensates DST out of the shareholder
        servicing fee it receives from the Fund. For the year ended November 30, 2007, the amount
        charged&nbsp;to the Fund by DWS-SISC aggregated $87,447, of which $16,459 is
        unpaid.</font></p>

        <p class="CLASS_48" 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 year
        ended November 30, 2007, the amount charged to the Fund by DIMA included in the Statement
        of Operations under "reports to shareholders" aggregated $20,369, of which $12,491 is
        unpaid.</font></p>

        <p class="CLASS_48" 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_48" align="left"><font color="#000000"><b><font size="-1">Other Related
        Parties.</font></b> Deutsche Bank Trust Company Americas, an affiliate of the Advisor,
        charges an Administration fee for the remarketed preferred shares. For the year ended
        November 30, 2007, the amount charged to the Fund by Deutsche Bank Trust Company Americas
        aggregated $19,009, all of which is unpaid.</font></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">D. Fee Reductions</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">For the year ended November 30,
        2007, the Advisor agreed to reimburse the Fund $16,838, 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_48" id="mit.html.34" align="left"><font color="#000000">In addition, the
        Fund has entered into an arrangement with its custodian and transfer agent whereby credits
        realized as a result of uninvested cash balances are used to reduce a portion of the Fund's
        custodian expenses. During the year ended November 30, 2007, the Fund's custodian fees were
        reduced by $688 and $25,307, respectively, for custodian and transfer agent credits
        earned.</font></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">E. Line of Credit</font></b></p>

        <p class="CLASS_48" 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 class="CLASS_51" align="left"><b><font color="#0091ff">F. Payment Made by
        Affiliates</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">During the year ended November 30,
        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 "Reimbursement
        by Advisor" on the Statement of Changes in Net Assets.</font></p>

        <p class="CLASS_133" id="mit.html.35" align="left">
        <b><font color="#0091ff" size="+1"><a id="ria" name="ria"></a>Report of Independent
        Registered Public&nbsp;Accounting Firm</font></b></p>

        <p class="CLASS_12" align="left"><b><font color="#000000" size="-1">To the Board of
        Trustees and Shareholders of DWS&nbsp;Municipal&nbsp;Income&nbsp;Trust:</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">We have audited the accompanying
        statement of assets and liabilities of DWS Municipal Income Trust (the "Fund"), including
        the investment portfolio, as of November 30, 2007, and the related statement of operations
        and cash flows for the year then ended, the statement of changes in net assets for each of
        the two years in the period then ended, and the financial highlights for each of the five
        years in the period then ended. These financial statements and financial highlights are the
        responsibility of the Fund's management. Our responsibility is to express an opinion on
        these financial statements and financial highlights based on our audits.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">We conducted our audits in
        accordance with the standards of the Public Company Accounting Oversight Board (United
        States). Those standards require that we plan and perform the audit to obtain reasonable
        assurance about whether the financial statements and financial highlights are free of
        material misstatement. We were not engaged to perform an audit of the Fund's internal
        control over financial reporting. Our audits included consideration of internal control
        over financial reporting as a basis for designing audit procedures that are appropriate in
        the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
        the Fund's internal control over financial reporting. Accordingly, we express no such
        opinion. An audit also includes examining, on a test basis, evidence supporting the amounts
        and disclosures in the financial statements and financial highlights, assessing the
        accounting principles used and significant estimates made by management, and evaluating the
        overall financial statement presentation. Our procedures included confirmation of
        securities owned as of November 30, 2007, by correspondence with the custodian and brokers
        or by other appropriate auditing procedures where replies from bankers were not received.
        We believe that our audits provide a reasonable basis for our opinion.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">In our opinion, the financial
        statements and financial highlights referred to above present fairly, in all material
        respects, the financial position of DWS Municipal Income Trust at November 30, 2007, the
        results of its operations and its cash flows for the year then ended, the changes in its
        net assets for each of the two years in the period then ended, and the financial highlights
        for each of the five years in the period then ended, in conformity with U.S. generally
        accepted accounting principles.</font></p>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_49" valign="top" align="left">
                    <p class="CLASS_48" align="left"><font color="#000000">Boston,
                    Massachusetts<br>
                    January 28, 2007</font></p>
                </td>

                <td class="CLASS_49" valign="top" align="left">
                    <p class="CLASS_48" align="left">&nbsp;</p>
                </td>

                <td valign="bottom" align="right"><img alt="mit_eny0" src="mit_eny0.gif"></td>
            </tr>
        </table>

        <p class="CLASS_133" id="mit.html.36" align="left">
        <b><font color="#0091ff" size="+1"><a id="tax" name="tax"></a>Tax Information</font>
        <font color="#0091ff" size="-1">(Unaudited)</font></b></p>

        <p class="CLASS_12" align="left"><font color="#000000">Of the dividends paid from net
        investment income for the taxable year ended November 30, 2007, 100% are designated as
        exempt-interest dividends for federal income tax purposes.</font></p>

        <p class="CLASS_12" align="left"><font color="#000000">Please contact a tax advisor if you
        have questions about federal or state income tax laws, or on how to prepare your tax
        returns. If you have specific questions about your account, please call (800)
        294-4366.</font></p>

        <p class="CLASS_133" align="left">
        <b><a id="other" name="other"></a><font color="#0091ff" size="+1">Other
        Information</font></b></p>

        <p class="CLASS_12" align="left">
        <b><font color="#000000" size="-1">Certifications</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">The fund's chief executive officer
        has certified to the New York Stock Exchange that, as of May 31, 2007, he was not aware of
        any violation by the fund of applicable NYSE corporate governance listing standards. The
        fund's reports to the Securities and Exchange Commission on Forms N-CSR and N-Q contain
        certifications by the fund's chief executive officer and chief financial officer that
        relate to the fund's disclosure in such reports and that are required by rule 30a-2 under
        the 1940 Act.</font></p>

        <p class="CLASS_133" id="mit.html.37" align="left">
        <b><font color="#0091ff" size="+1"><a id="drp" name="drp"></a>Dividend Repurchase
        Plan</font></b></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">A. Participation</font></b></p>

        <p class="CLASS_48" 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 Computershare Inc.*
        ("Computershare") as their agent and as agent for the Fund under the Plan.</font></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">B. Dividend Investment
        Account</font></b></p>

        <p class="CLASS_48" 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_51" align="left"><b><font color="#0091ff">C. Investment of Distribution
        Funds Held in Each Account</font></b></p>

        <p class="CLASS_48" 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'').
        Computershare 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 Computershare is unable to acquire sufficient Shares
        to satisfy the Distribution by the close of business on the Payment Date, the Fund will
        issue to Computershare, 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 class="CLASS_51" id="mit.html.38" align="left"><b><font color="#0091ff">D. Voluntary
        Cash Contributions</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">A participant may from time to time
        make voluntary cash contributions to his Account by sending to the Transfer Agent a check
        or money order, payable to the Transfer Agent, in a minimum amount of $100 with appropriate
        accompanying instructions. (No more than $500 may be contributed per month.) The Transfer
        Agent will inform Computershare of the total funds available for the purchase of Shares and
        Computershare 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_51" align="left"><b><font color="#0091ff">E. Additional
        Information</font></b></p>

        <p class="CLASS_48" 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_48" 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>
        (800) 294-4366</font></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">F. Adjustment of Purchase
        Price</font></b></p>

        <p class="CLASS_48" 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_51" align="left"><b><font color="#0091ff">G. Determination of Purchase
        Price</font></b></p>

        <p class="CLASS_48" 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 Computershare 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
        Computershare 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
        Computershare acts as agent under the Plan.</font></p>

        <p class="CLASS_51" id="mit.html.39" align="left"><b><font color="#0091ff">H. Brokerage
        Charges</font></b></p>

        <p class="CLASS_48" 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 Computershare'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 Computershare will be purchasing Shares for all participants in
        blocks and prorating the lower commission thus attainable.</font></p>

        <p class="CLASS_51" align="left"><b><font color="#0091ff">I. Service Charges</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">There is no service charge by the
        Transfer Agent or Computershare 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_51" align="left"><b><font color="#0091ff">J. Transfer of Shares Held by
        Agent</font></b></p>

        <p class="CLASS_48" 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_51" align="left"><b><font color="#0091ff">K. Shares Not Held in
        Shareholder's Name</font></b></p>

        <p class="CLASS_48" 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 class="CLASS_51" align="left"><b><font color="#0091ff">L. Amendments</font></b></p>

        <p class="CLASS_48" 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_50" id="mit.html.40" align="left"><b><font color="#0091ff">M. Withdrawal
        from Plan</font></b></p>

        <p class="CLASS_48" 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 Computershare 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_50" align="left"><b><font color="#0091ff">N. Tax
        Implications</font></b></p>

        <p class="CLASS_48" 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>
        <font color="#000000" size="-2">*</font> <i><font color="#000000" size="-2">Effective
        October 15, 2007, the stock transfer business of UMB Bank, N.A. had been acquired by
        Computershare Limited. Consequently, Computershare Limited's affiliate, Computershare Inc.
        became Plan Agent under the Plan Agency Agreement between the Fund and UMB Bank,
        N.A.</font></i><br>

        <p class="CLASS_133" id="mit.html.41" align="left">
        <b><font color="#0091ff" size="+1"><a id="ima" name="ima"></a>Investment Management
        Agreement Approval</font></b></p>

        <p class="CLASS_12" align="left"><font color="#000000">The Board of Trustees, including the
        Independent Trustees, approved the&nbsp;renewal of your Fund's investment management
        agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA" or
        the "Advisor") in September&nbsp;2007. As part of its review process, the Board requested
        and evaluated all information it deemed reasonably necessary to evaluate the Agreement.
        Over the course of several months, the Contract Review Committee, in coordination with the
        Fixed-Income Oversight Committee and the Operations Committee of the Board, reviewed
        comprehensive materials received from the Advisor, independent third parties and
        independent counsel. These materials included an analysis of the Fund's performance, fees
        and expenses, and profitability compiled by an independent fee consultant. The Board also
        received extensive information throughout the year regarding performance and operating
        results of the Fund. Based on their evaluation of the information provided, the Committees
        presented their findings and recommendations to the Independent Trustees as a group. The
        Independent Trustees then reviewed the Committees' findings and recommendations and
        presented their recommendations to the full Board. Throughout their consideration of the
        Agreement, the Independent Trustees were advised by their independent legal counsel and by
        an independent fee consultant.</font></p>

        <p class="CLASS_12" align="left"><font color="#000000">In connection with the contract
        review process, the various Committees and the Board considered the factors discussed
        below, among others. The&nbsp;Board also considered that the Advisor and its predecessors
        have managed the Fund since its inception, and the Board believes that a long-term
        relationship with a capable, conscientious advisor is in the best interests of the Fund.
        The Board considered, generally, that shareholders invested in the Fund or approved the
        investment management agreement for the Fund, knowing that the Advisor managed the Fund and
        knowing the investment management fee schedule. The Board considered Deutsche Bank's
        commitment that it will devote to the Advisor and its affiliates all attention and
        resources that are necessary to provide the Fund with top-quality investment management and
        shareholder, administrative and product distribution services.</font></p>

        <p class="CLASS_12" align="left"><font color="#000000"><b><font size="-1">Nature, Quality
        and Extent of Services.</font></b> The Board considered the nature, extent and quality of
        services provided under the Agreement, including portfolio management services and
        administrative services. The Board considered the experience and skills of senior
        management and investment personnel, the resources made available to such personnel, the
        ability of the Advisor to attract and retain high-quality personnel, and the organizational
        depth and stability of the Advisor. The Board reviewed the Fund's performance over
        short-term and long-term periods and compared those returns to various agreed-upon
        performance measures, including market indices and a peer universe compiled by Lipper Inc.
        ("Lipper"). The Board considered whether investment results were consistent with the Fund's
        investment objective and policies. The Board also noted that it has put a process into
        place of identifying "Focus Funds" (e.g., funds performing poorly relative to their
        benchmark or a peer group compiled by Lipper), and receives more frequent reporting
        and&nbsp;information from the Advisor regarding such funds, along with the Advisor's
        remedial plans to address underperformance. The Board believes this process is an effective
        manner of addressing poorly performing funds at this time.</font></p>

        <p class="CLASS_12" id="mit.html.42" align="left"><font color="#000000">On the basis of
        this evaluation and the ongoing review of investment results by the Fixed-Income Oversight
        Committee, the Board concluded that the nature, quality and extent of services provided by
        the Advisor historically have been and continue to be satisfactory. The Board noted the
        relative underperformance of the Fund, and took into account the factors contributing to
        such performance, the recent municipal bond and short-term interest rate environments, the
        Fund's favorable ten year period performance, and steps being taken by the Advisor to
        improve performance.</font></p>

        <p class="CLASS_12" align="left"><font color="#000000"><b><font size="-1">Fees and
        Expenses.</font></b> The Board considered the Fund's management fee rate, operating
        expenses and total expense ratio, and compared management fees to a peer group and total
        expenses to a broader peer&nbsp;universe based on information and data supplied by Lipper
        and supplemented by the independent fee consultant. The information provided to the Board
        showed that the Fund's management fee rate was&nbsp;at the 15th percentile of the peer
        group, and that the total expense ratio&nbsp;was at the 36th percentile of the peer
        universe. The Board also considered the Fund's management fee rate as compared to fees
        charged by the Advisor and certain of its affiliates for comparable funds and considered
        differences in fund and fee structures among the DWS Funds.</font></p>

        <p class="CLASS_12" align="left"><font color="#000000">On the basis of the information
        provided, the Board concluded that management fees were reasonable and appropriate in light
        of the nature, quality and extent of services provided by the Advisor.</font></p>

        <p class="CLASS_12" align="left">
        <font color="#000000"><b><font size="-1">Profitability.</font></b> The Board reviewed
        detailed information regarding revenues received by the Advisor under the Agreement. The
        Board considered the estimated costs and pre-tax profits realized by the Advisor from
        advising the DWS Funds, as well as estimates of the pre-tax profits attributable to
        managing the Fund in particular. The Board also received information regarding the
        estimated enterprisewide profitability of the DWS Scudder organization with respect to all
        fund services in totality and by fund. The Board reviewed DIMA's methodology in allocating
        its costs to the management of the Fund. Although the Board noted the inherently subjective
        nature of any allocation methodology, the Board received an attestation report from an
        accounting firm affirming that the allocation methods were consistently applied and were
        based upon practices commonly used in the investment management industry. Based on the
        information provided, the Board concluded that the pre-tax profits realized by DIMA in
        connection with the management of the Fund were not unreasonable.</font></p>

        <p class="CLASS_12" id="mit.html.43" align="left">
        <font color="#000000"><b><font size="-1">Economies of Scale.</font></b> The Board
        considered whether there are economies of scale with respect to the management of the Fund
        and whether the Fund benefits from any economies of scale. The Board considered whether the
        management fee rate under the Agreement is reasonable in relation to the asset size of the
        Fund. The Board concluded that the management fee rate reflects an appropriate level of
        sharing of any economies of scale.</font></p>

        <p class="CLASS_12" align="left"><font color="#000000"><b><font size="-1">Other Benefits to
        DIMA and Its Affiliates.</font></b> The Board also considered the character and amount of
        other incidental benefits received by DIMA and its affiliates, including any fees received
        by the Advisor for administrative services provided to the Fund. The Board also considered
        benefits to DIMA related to brokerage and soft-dollar allocations, which pertain primarily
        to funds investing in equity securities, along with the incidental public relations
        benefits to DIMA related to DWS Funds advertising and cross-selling opportunities among
        DeAM products and services. The Board concluded that management fees were reasonable in
        light of these fallout benefits.</font></p>

        <p class="CLASS_12" align="left"><font color="#000000">Based on all of the information
        considered and the conclusions reached, the Board (including a majority of the Independent
        Trustees) determined that the terms of the Agreement continue to be fair and reasonable and
        that the continuation of the Agreement is in the best interests of the Fund. No single
        factor was determinative in the Board's analysis.</font></p>

        <p class="CLASS_133" id="mit.html.44" align="left">
        <b><font color="#0091ff" size="+1"><a id="to" name="to"></a>Trustees and
        Officers</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">The following table presents certain
        information regarding the Board Members and Officers of the fund as of November 30, 2007.
        Each individual's year of birth is set forth in parentheses after his or her name. Unless
        otherwise noted; (i) each individual has engaged in the principal occupation(s) noted in
        the table for at least the most recent five years, although not necessarily in the same
        capacity, and (ii) the address of each individual is c/o Deutsche Asset Management, 222
        South Riverside Plaza, Chicago, Illinois 60606. Each Board Member's term of office extends
        until the next shareholders' meeting&nbsp;called for the purpose of electing such Board
        Members and until the election and qualification of a successor, or until such Board Member
        sooner dies, retires,&nbsp;resigns or is removed as provided in the governing documents
        of&nbsp;the fund.</font></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_54" valign="top" align="left" colspan="2">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Independent
                    Board Members</font></b></p>
                </td>

                <td class="CLASS_53" valign="top" align="JUSTIFY">
                    <p class="CLASS_14" align="justify">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_114" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Name, Year
                    of Birth, Position(s) Held with the Fund and Length of Time
                    Served<sup>1</sup></font></b></p>
                </td>

                <td class="CLASS_118" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Principal
                    Occupation(s) During&nbsp;Past 5 Years and Other Directorships
                    Held</font></b></p>
                </td>

                <td class="CLASS_76" valign="bottom" align="center">
                    <p class="CLASS_22" align="center"><b><font color="#000000" size="-2">Number of
                    Funds in Fund Complex Overseen</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left"><font color="#000000" size="-2">Paul
                K. Freeman (1950)</font><br>
                <font color="#000000" size="-2">Chairperson since 2007, and Board Member,
                2002-present</font><br>
                </td>

                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">Consultant, World Bank/Inter-American Development
                Bank; formerly, Project Leader, International Institute for Applied Systems
                Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental
                insurance) (1986-1998)</font><br>
                </td>

                <td class="CLASS_131" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">58</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left"><font color="#000000" size="-2">John
                W. Ballantine (1946)</font><br>
                <font color="#000000" size="-2">Board Member, 1999-present</font><br>
                </td>

                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">Retired; formerly, Executive Vice President and
                Chief Risk Management Officer, First Chicago NBD Corporation/The First National
                Bank of Chicago (1996-1998); Executive Vice President and Head of International
                Banking (1995-1996). Directorships: Healthways, Inc. (provider of disease and care
                management services); Portland General Electric (utility company); Stockwell
                Capital Investments PLC (private equity). Former Directorships: First Oak Brook
                Bancshares, Inc. and Oak Brook Bank</font><br>
                </td>

                <td class="CLASS_131" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">58</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Donald L. Dunaway (1937)</font><br>
                <font color="#000000" size="-2">Board Member, 1980-present</font><br>
                </td>

                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">Retired; formerly, Executive Vice President, A.O.
                Smith Corporation (diversified manufacturer) (1963-1994)</font><br>
                </td>

                <td class="CLASS_131" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">58</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">James R. Edgar (1946)</font><br>
                <font color="#000000" size="-2">Board Member, 1999-present</font><br>
                </td>

                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">Distinguished Fellow, University of Illinois,
                Institute of Government and Public Affairs (1999-present); formerly, Governor,
                State of Illinois (1991-1999). Directorships: John B. Sanfilippo &amp; Son, Inc.
                (processor/packager/marketer of nuts, snacks and candy products); Horizon Group
                Properties, Inc.; Youbet.com (online wagering platform); Alberto-Culver Company
                (manufactures, distributes and markets health and beauty care products)</font><br>
                </td>

                <td class="CLASS_131" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">58</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Robert B. Hoffman (1936)</font><br>
                <font color="#000000" size="-2">Board Member, 1981-present</font><br>
                </td>

                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">Retired; formerly, Chairman, Harnischfeger
                Industries, Inc. (machinery for the mining and paper industries) (1999-2001); prior
                thereto, Vice Chairman and Chief Financial Officer, Monsanto Company (agricultural,
                pharmaceutical and nutritional/food products) (1994-1999). Directorships: RCP
                Advisors, LLC (a private equity investment advisory firm)</font><br>
                </td>

                <td class="CLASS_131" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">58</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">William McClayton (1944)</font><br>
                <font color="#000000" size="-2">Board Member, 2004-present</font><br>
                </td>

                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">Chief Administrative Officer, Diamond Management
                &amp; Technology Consultants, Inc. (global management consulting firm)
                (2001-present); formerly, Senior Partner, Arthur Andersen LLP (accounting)
                (1966-2001). Directorship: Board of Managers, YMCA of Metropolitan Chicago.
                Formerly, Trustee, Ravinia Festival.</font><br>
                </td>

                <td class="CLASS_131" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">58</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Shirley D. Peterson (1941)</font><br>
                <font color="#000000" size="-2">Board Member, 1995-present</font><br>
                </td>

                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">Retired; formerly, President, Hood College
                (1995-2000); prior thereto, Partner, Steptoe &amp; Johnson (law firm);
                Commissioner, Internal Revenue Service; Assistant Attorney General (Tax),
                US&nbsp;Department of Justice. Directorships: Federal Mogul Corp. (supplier of
                automotive components and subsystems); AK Steel&nbsp;(steel production); Goodyear
                Tire &amp; Rubber Co. (April 2004-present); Champion Enterprises, Inc.
                (manufactured home building); Wolverine World Wide, Inc. (designer, manufacturer
                and marketer of footwear) (April 2005-present); Trustee, Bryn Mawr College. Former
                Directorship: Bethlehem Steel Corp.</font><br>
                </td>

                <td class="CLASS_131" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">58</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Robert H. Wadsworth</font><br>
                <font color="#000000" size="-2">(1940)</font><br>
                <font color="#000000" size="-2">Board Member, 2004-present</font><br>
                </td>

                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">President, Robert H. Wadsworth &amp; Associates,
                Inc. (consulting firm) (1983 to present). Formerly, Trustee of New York Board DWS
                Funds.</font><br>
                <i><font color="#000000" size="-2">&nbsp;</font></i> <br>
                </td>

                <td class="CLASS_131" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">61</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="top" align="left" colspan="3">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-1">Interested
                    Board Member</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_117" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Name, Year
                    of Birth, Position with the Fund and Length of Time Served</font></b></p>
                </td>

                <td class="CLASS_116" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Business
                    Experience and Directorships During the
                    Past&nbsp;Five&nbsp;Years</font></b></p>
                </td>

                <td class="CLASS_115" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Number of
                    Funds in Fund Complex Overseen</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_63" valign="top" align="left"><font color="#000000" size="-2">Axel
                Schwarzer<sup>6</sup> (1958)</font><br>
                <font color="#000000" size="-2">Board Member since 2007</font><br>
                </td>

                <td class="CLASS_62" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>3,</sup> Deutsche Asset
                Management; Head of Deutsche Asset Management Americas; CEO of DWS Scudder;
                formerly, board member of DWS Investments, Germany (1999-2005); formerly, Head of
                Sales and Product Management for the Retail and Private Banking Division of
                Deutsche Bank in Germany (1997-1999); formerly, various strategic and operational
                positions for Deutsche Bank Germany Retail and Private Banking Division in the
                field of investment funds, tax driven instruments and asset management for
                corporates (1989-1996)</font><br>
                </td>

                <td class="CLASS_130" valign="top" align="center">
                    <p class="CLASS_22" align="center">
                    <font color="#000000" size="-2">82</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="top" align="left" colspan="2">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-1">Officers<sup>2</sup></font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_114" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Name, Year
                    of Birth, Position(s) Held with the Fund and Length of Time
                    Served<sup>1</sup></font></b></p>
                </td>

                <td class="CLASS_113" valign="bottom" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Principal
                    Occupation(s) During&nbsp;Past 5 Years and Other Directorships
                    Held</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Michael G. Clark<sup>4</sup> (1965)</font><br>
                <font color="#000000" size="-2">President, 2006-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>3</sup>, Deutsche Asset
                Management (2006-present); President of DWS family of funds; Director, ICI Mutual
                Insurance Company (since October 2007); formerly, Director of Fund Board Relations
                (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch
                Investment Managers; Senior Vice President Operations, Merrill Lynch Asset
                Management (1999-2000)</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Philip J. Collora (1945)</font><br>
                <font color="#000000" size="-2">Vice President and Assistant Secretary,
                1986-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Director<sup>3</sup>, Deutsche Asset
                Management</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left"><font color="#000000" size="-2">Paul
                H. Schubert<sup>4</sup> (1963)</font><br>
                <font color="#000000" size="-2">Chief Financial Officer, 2004-present</font><br>
                <font color="#000000" size="-2">Treasurer, 2005-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>3</sup>, Deutsche Asset
                Management (since July 2004); formerly, Executive Director, Head of Mutual Fund
                Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and
                Director of Mutual Fund Finance at UBS Global Asset Management
                (1994-1998)</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left"><font color="#000000" size="-2">John
                Millette<sup>5</sup> (1962)</font><br>
                <font color="#000000" size="-2">Secretary, 2001-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Director<sup>3</sup>, Deutsche Asset
                Management</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Patricia DeFilippis<sup>4</sup> (1963)</font><br>
                <font color="#000000" size="-2">Assistant Secretary, 2005-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left"><font color="#000000" size="-2">Vice
                President, Deutsche Asset Management (since June 2005); formerly, Counsel, New York
                Life Investment Management LLC (2003-2005); legal associate, Lord, Abbett &amp; Co.
                LLC (1998-2003)</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Elisa D. Metzger<sup>4,</sup>(1962)</font><br>
                <font color="#000000" size="-2">Assistant Secretary 2005-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Director<sup>3</sup>, Deutsche Asset Management
                (since September 2005); formerly, Counsel, Morrison and Foerster LLP
                (1999-2005)</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Caroline Pearson<sup>5</sup> (1962)</font><br>
                <font color="#000000" size="-2">Assistant Secretary, 1998-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>3</sup>, Deutsche Asset
                Management</font> <br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left"><font color="#000000" size="-2">Paul
                Antosca<sup>5</sup> (1957)</font><br>
                <font color="#000000" size="-2">Assistant Treasurer, 2007-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Director<sup>3</sup>, Deutsche Asset Management
                (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.)
                (1990-2006)</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Kathleen Sullivan D'Eramo<sup>5</sup>
                (1957)</font><br>
                <font color="#000000" size="-2">Assistant Treasurer, 2003-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Director<sup>3</sup>, Deutsche Asset
                Management</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Jason Vazquez<sup>4</sup> (1972)</font> <br>
                <font color="#000000" size="-2">Anti-Money Laundering Compliance Officer,
                2007-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left"><font color="#000000" size="-2">Vice
                President, Deutsche Asset Management (since 2006); formerly, AML Operations Manager
                for Bear Stearns (2004-2006), Supervising Compliance Principal and Operations
                Manager for AXA Financial (1999-2004)</font><br>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Robert Kloby<sup>4</sup> (1962)</font><br>
                <font color="#000000" size="-2">Chief Compliance Officer, 2006-present</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>3</sup>, Deutsche Asset
                Management (2004-present); formerly, Chief Compliance Officer/Chief Risk Officer,
                Robeco USA (2000-2004); Vice President, The Prudential Insurance Company of America
                (1988-2000); E.F. Hutton and Company (1984-1988)</font><br>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2"><sup>1</sup></font>
        <i><font color="#000000" size="-2">Length of time served represents the date that each
        Board Member was first elected to&nbsp;the common board of Board Members which oversees a
        number of investment companies, including the fund, managed by the Advisor. For the
        Officers of the fund, the length of time served represents the date that each officer was
        first elected to serve as an officer of any fund overseen by the aforementioned common
        board of Board Members.</font></i><br>
        <font color="#000000" size="-2"><sup>2</sup></font> <i><font color="#000000" size="-2">As a
        result of their respective positions held with the Advisor, these individuals are
        considered "interested persons" of the Advisor within the meaning of the 1940 Act.
        Interested persons receive no compensation from the fund.</font></i><br>
        <font color="#000000" size="-2"><sup>3</sup></font>
        <i><font color="#000000" size="-2">Executive title, not a board
        directorship.</font></i><br>
        <font color="#000000" size="-2"><sup>4</sup></font>
        <i><font color="#000000" size="-2">Address: 345 Park Avenue, New York, New York
        10154.</font></i><br>
        <font color="#000000" size="-2"><sup>5</sup></font>
        <i><font color="#000000" size="-2">Address: Two International Place, Boston, Massachusetts
        02110.</font></i><br>
        <font color="#000000" size="-2"><sup>6</sup></font> <i><font color="#000000" size="-2">The
        mailing address of Axel Schwarzer is c/o Deutsche Investment Management Americas Inc., 345
        Park Avenue, New York, New York 10154. Mr. Schwarzer is an interested Board Member by
        virtue of his positions with Deutsche Asset Management.</font></i><br>

        <p class="CLASS_133" id="mit.html.48" align="left">
        <b><font color="#0091ff" size="+1"><a id="addinfo" name="addinfo"></a>Additional
        Information</font></b></p>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_6">
                <td class="CLASS_30" valign="top" align="left" colspan="2">
                    <p class="CLASS_22" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right"><b><font color="#0091ff" size="-2">Automated
                    Information Line</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">DWS Scudder
                    Closed-End Fund Info Line</font></b></p>

                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">(800)
                    349-4281</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right"><b><font color="#0091ff" size="-2">Web
                    Sites</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">www.dws-scudder.com</font></b></p>
                    <font color="#000000" size="-2">or visit our Direct Link:</font><br>


                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">www.cef.dws-scudder.com</font></b></p>
                    <font color="#000000" size="-2">Obtain quarterly fact sheets, financial
                    reports, press releases and webcasts when available.</font><br>


                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">www.cef.dws-scudder/alerts.</font></b></p>
                    <font color="#000000" size="-2">Register online to receive email alerts on your
                    DWS funds.</font><br>
                </td>
            </tr>

            <tr class="CLASS_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right"><b><font color="#0091ff" size="-2">Written
                    Correspondence</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Deutsche
                    Investment Management Americas Inc.</font></b></p>
                    <font color="#000000" size="-2">222 South Riverside Plaza</font><br>
                    <font color="#000000" size="-2">Chicago, IL 60606</font><br>
                </td>
            </tr>

            <tr class="CLASS_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right"><b><font color="#0091ff" size="-2">Proxy
                    Voting</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left"><font color="#000000" size="-2">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 color="#000000" size="-2">June&nbsp;30</font>
                <font color="#000000" size="-2">is available on our Web site &mdash;
                www.dws-scudder.com (click on "proxy voting"at the bottom of the&nbsp;page) &mdash;
                or on the SEC's Web site &mdash; 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_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right"><b><font color="#0091ff" size="-2">Legal
                    Counsel</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Vedder,
                    Price P.C.</font></b></p>
                    <font color="#000000" size="-2">222 North LaSalle Street</font><br>
                    <font color="#000000" size="-2">Chicago, IL 60601</font><br>
                </td>
            </tr>

            <tr class="CLASS_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right"><b><font color="#0091ff" size="-2">Dividend
                    Reinvestment Plan&nbsp;Agent</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left">
                    <p class="CLASS_22" align="left">
                    <b><font color="#000000" size="-2">Computershare Inc.*</font></b></p>
                    <font color="#000000" size="-2">P.O. Box 43078</font><br>
                    <font color="#000000" size="-2">Providence, RI 02940-3078</font><br>
                </td>
            </tr>

            <tr class="CLASS_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right">
                    <b><font color="#0091ff" size="-2">Shareholder Service Agent and Transfer
                    Agent</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">DWS Scudder
                    Investments Service Company</font></b></p>
                    <font color="#000000" size="-2">P.O. Box 219066</font><br>
                    <font color="#000000" size="-2">Kansas City, MO 64121-9066</font><br>


                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">(800)
                    294-4366</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right">
                    <b><font color="#0091ff" size="-2">Custodian</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">State
                    Street Bank and Trust Company</font></b></p>
                    <font color="#000000" size="-2">225 Franklin Street</font><br>
                    <font color="#000000" size="-2">Boston, MA 02110</font><br>
                </td>
            </tr>

            <tr class="CLASS_5">
                <td class="CLASS_18" valign="top" align="right">
                    <p class="CLASS_16" align="right">
                    <b><font color="#0091ff" size="-2">Independent Registered Public Accounting
                    Firm</font></b></p>
                </td>

                <td class="CLASS_59" valign="top" align="left">
                    <p class="CLASS_22" align="left"><b><font color="#000000" size="-2">Ernst &amp;
                    Young LLP</font></b></p>
                    <font color="#000000" size="-2">200 Clarendon Street</font><br>
                    <font color="#000000" size="-2">Boston, MA 02116</font><br>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_17" valign="top" align="right">
                    <p class="CLASS_16" align="right"><b><font color="#0091ff" size="-2">NYSE
                    Symbol</font></b></p>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">KTF</font><br>
                </td>
            </tr>
        </table>

        <table class="CLASS_1" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_2">
                <td class="CLASS_15" valign="top" align="right">
                    <p class="CLASS_16" align="right"><b><font color="#0091ff" size="-2">CUSIP
                    Numbers</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">Common Shares</font><br>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">23338M 106</font><br>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_15" valign="top" align="right">
                    <p class="CLASS_16" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">Series A (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">23338M 205</font><br>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_15" valign="top" align="right">
                    <p class="CLASS_16" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">Series B (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">23338M 304</font><br>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_15" valign="top" align="right">
                    <p class="CLASS_16" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">Series C (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">23338M 403</font><br>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_15" valign="top" align="right">
                    <p class="CLASS_16" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">Series D (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">23338M 502</font><br>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_15" valign="top" align="right">
                    <p class="CLASS_16" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">Series E (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">23338M 601</font><br>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2">*</font> <i><font color="#000000" size="-2">Effective
        October 15, 2007, Computershare Inc. replaced UMB Bank, N.A.</font></i><br>

        <p class="CLASS_12" id="mit.html.49" align="left">
        <b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_12" id="mit.html.50" align="left">
        <b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_12" id="mit.html.51" align="left">
        <b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_12" id="mit.html.52" align="left">
        <b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_12" id="mit.html.53" align="left">
        <b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_25" align="left"><img alt="mit_backcover0" src="mit_backcover0.gif"></p>

        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 2.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">CODE OF ETHICS</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">As of the end of the period, November 30, 2007, DWS
                            Municipal Income Trust has a code of ethics, as defined in Item 2 of
                            Form N-CSR, that applies to its Principal Executive Officer and
                            Principal Financial Officer.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">There have been no amendments to, or waivers from, a
                            provision of the code of ethics during the period covered by this
                            report that would require disclosure under Item 2.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">A copy of the code of ethics is filed as an exhibit to
                            this Form N-CSR.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 3.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">AUDIT COMMITTEE FINANCIAL EXPERT</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The Fund&rsquo;s Board of Directors/Trustees has
                            determined that the Fund has at least one &ldquo;audit committee
                            financial expert&rdquo; serving on its audit committee: Mr. William
                            McClayton, Mr. Donald Dunaway and Mr. Robert Hoffman. Each of these
                            audit committee members is &ldquo;independent,&rdquo; meaning that he
                            is not an &ldquo;interested person&rdquo; of the Fund (as that term is
                            defined in Section 2(a)(19) of the Investment Company Act of 1940) and
                            he does not accept any consulting, advisory, or other compensatory fee
                            from the Fund (except in the capacity as a Board or committee
                            member).</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">An &ldquo;audit committee financial expert&rdquo; is not
                            an &ldquo;expert&rdquo; for any purpose, including for purposes of
                            Section 11 of the Securities Act of 1933, as a result of being
                            designated as an &ldquo;audit committee financial expert.&rdquo;
                            Further, the designation of a person as an &ldquo;audit committee
                            financial expert&rdquo; does not mean that the person has any greater
                            duties, obligations, or liability than those imposed on the person
                            without the &ldquo;audit committee financial expert&rdquo; designation.
                            Similarly, the designation of a person as an &ldquo;audit committee
                            financial expert&rdquo; does not affect the duties, obligations, or
                            liability of any other member of the audit committee or board of
                            directors.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 4.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">DWS MUNICIPAL INCOME TRUST</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">FORM N-CSR DISCLOSURE RE: AUDIT FEES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
            following table shows the amount of fees that Ernst&nbsp;&amp; Young, LLP
            (&ldquo;E&amp;Y&rdquo;), the Fund&rsquo;s Independent Registered Public Accountant,
            billed to the Fund during the Fund&rsquo;s last two fiscal years. The Audit Committee
            approved in advance all audit services and non-audit services that E&amp;Y provided to
            the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
            Audit Committee has delegated certain pre-approval responsibilities to its Chairman
            (or, in his absence, any other member of the Audit Committee).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Services that the Fund&rsquo;s Independent Registered Public
            Accountant Billed to the Fund</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="163">
                            <p><font size="2">Fiscal Year</font><br>
                            <font size="2">Ended</font><br>
                            <font size="2">November 30</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p><font size="2">Audit Fees Billed to Fund</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p><font size="2">Audit-Related</font><br>
                            <font size="2">Fees Billed to Fund</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Tax Fees Billed to Fund</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="114">
                            <p><font size="2">All</font><br>
                            <font size="2">Other Fees Billed to Fund</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="163">
                            <p style="TEXT-ALIGN: left" align="left"><font size="2">2007</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="123">
                            <p><font size="2">$51,719</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="123">
                            <p><font size="2">$0</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$7,053</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="114">
                            <p><font size="2">$0</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="163">
                            <p style="TEXT-ALIGN: left" align="left"><font size="2">2006</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="123">
                            <p><font size="2">$49,067</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="123">
                            <p><font size="2">$0</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$6,691</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="114">
                            <p><font size="2">$0</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
            above "Tax Fees" were billed for professional services rendered for tax return
            preparation.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Services that the Fund&rsquo;s Independent Registered Public
            Accountant Billed to the Adviser and Affiliated Fund Service Providers</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
            following table shows the amount of fees billed by E&amp;Y to Deutsche Investment
            Management Americas, Inc. (&ldquo;DeIM&rdquo; or the &ldquo;Adviser&rdquo;), and any
            entity controlling, controlled by or under common control with DeIM (&ldquo;Control
            Affiliate&rdquo;) that provides ongoing services to the Fund (&ldquo;Affiliated Fund
            Service Provider&rdquo;), for engagements directly related to the Fund&rsquo;s
            operations and financial reporting, during the Fund&rsquo;s last two fiscal
            years.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr style="HEIGHT: 69.25pt">
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 69.25pt" valign="bottom" width="201">
                            <p><font size="2">Fiscal Year</font><br>
                            <font size="2">Ended</font><br>
                            <font size="2">November 30</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 69.25pt" valign="bottom" width="152">
                            <p><font size="2">Audit-Related</font><br>
                            <font size="2">Fees Billed to Adviser and Affiliated Fund Service
                            Providers</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 69.25pt" valign="bottom" width="162">
                            <p><font size="2">Tax Fees Billed to Adviser and Affiliated Fund
                            Service Providers</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 69.25pt" valign="bottom" width="140">
                            <p><font size="2">All</font><br>
                            <font size="2">Other Fees Billed to Adviser and Affiliated Fund Service
                            Providers</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="201">
                            <p style="TEXT-ALIGN: left" align="left"><font size="2">2007</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="152">
                            <p><font size="2">$250,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="162">
                            <p><font size="2">$486,614</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="140">
                            <p><font size="2">$0</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="201">
                            <p style="TEXT-ALIGN: left" align="left"><font size="2">2006</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="152">
                            <p><font size="2">$80,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="162">
                            <p><font size="2">$316,254</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="140">
                            <p><font size="2">$0</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
            &ldquo;Audit-Related Fees&rdquo; were billed for services in connection with agreed
            upon procedures related to fund mergers and the above &ldquo;Tax Fees&rdquo; were
            billed in connection with tax compliance services and agreed upon
            procedures.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">Non-Audit Services</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Fiscal Year</font><br>
                            <font size="2">Ended</font><br>
                            <font size="2">November 30</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Total</font><br>
                            <font size="2">Non-Audit Fees Billed to Fund</font></p>

                            <p><font size="2">(A)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Total Non-Audit Fees billed to Adviser and Affiliated
                            Fund Service Providers (engagements related directly to the operations
                            and financial reporting of the Fund)</font></p>

                            <p><font size="2">(B)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Total Non-Audit Fees billed to Adviser and Affiliated
                            Fund Service Providers (all other engagements)</font></p>

                            <p><font size="2">(C)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Total of (A), (B)</font><br>
                            <br>
                            <font size="2">and (C)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p style="TEXT-ALIGN: left" align="left"><font size="2">2007</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$7,053</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$486,614</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$1,215,526</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$1,709,193</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p style="TEXT-ALIGN: left" align="left"><font size="2">2006</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$6,691</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$316,254</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$948,620</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p><font size="2">$1,271,565</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">All
            other engagement fees were billed for services in connection with internal control
            reviews, agreed upon procedures and tax compliance for DeIM and other related entities
            that provide support for the operations of the fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: center">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: center">
            <font size="2">***</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In
            connection with the audit of the 2006 and 2007 financial statements, the Fund entered
            into an engagement letter with E&amp;Y. The terms of the engagement letter required by
            E&amp;Y, and agreed to by the Audit Committee, include provisions in which the parties
            consent to the sole jurisdiction of federal courts in New York, Boston or the Northern
            District of Illinois, as well as a waiver of right to a trial by jury and an exclusion
            of punitive damages.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: center">
            <font size="2">***</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            <font size="2">E&amp;Y recently advised the Fund&rsquo;s Audit Committee that certain
            arrangements between the Ernst &amp; Young member firm in Germany (&ldquo;E&amp;Y
            Germany&rdquo;) and Deutsche Bank AG (&ldquo;DB&rdquo;) had been determined to be
            inconsistent with the SEC auditor independence rules. DB is within the
            &ldquo;Investment Company Complex&rdquo; (as defined by SEC rules) and therefore
            covered by the SEC auditor independence rules applicable to the Fund. In 2006 and 2007,
            DB provided standard overdraft protection on a depository account and a guarantee of
            certain lease deposits to E&amp;Y Germany. E&amp;Y advised the Audit Committee that
            while neither of these arrangements was ever utilized by E&amp;Y Germany, they could
            constitute lending type arrangements in violation of Rule&nbsp;2-01 of
            Regulation&nbsp;S-X. (Rule&nbsp;2-01(c)(1)(ii)(A) provides that an accountant is not
            independent when an accounting firm has a loan to or from an audit client.) E&amp;Y
            advised the Audit Committee that E&amp;Y believes its independence has not been
            impacted as it relates to the audits of the Fund. In reaching this conclusion, E&amp;Y
            noted a number of factors, including that neither of the arrangements was ever utilized
            and, accordingly, E&amp;Y Germany never had amounts outstanding to DB, these
            arrangements were immaterial to E&amp;Y Germany and DB and the E&amp;Y professionals
            responsible for the Fund&rsquo;s audits were not aware of these arrangements. E&amp;Y
            informed the Audit Committee that E&amp;Y Germany has cancelled the overdraft
            arrangements and has terminated the guarantee on the lease deposits.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 5.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">AUDIT COMMITTEE OF LISTED REGISTRANTS</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <font size="2"></font>

                            <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'COURIER NEW'" align="left">
                            <font size="2"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">The
                            registrant has a separately-designated standing audit committee
                            established in accordance with Section 3(a)(58)(A) of the Securities
                            Exchange Act of 1934, as amended. The registrant's audit committee
                            consists of William McClayton (Chairman), Robert B. Hoffman, and Donald
                            L. Dunaway.</font></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 6.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">SCHEDULE OF INVESTMENTS</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Not Applicable</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 7.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES
                            FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Proxy Voting Guidelines.</font></b>
                            <font size="2">The Fund has delegated proxy voting responsibilities to
                            its investment advisor, subject to the Board&rsquo;s general oversight.
                            The Fund has delegated proxy voting to the advisor with the direction
                            that proxies should be voted consistent with the Fund&rsquo;s best
                            economic interests. The advisor has adopted its own Proxy Voting
                            Policies and Procedures (&ldquo;Policies&rdquo;), a Proxy Voting
                            Desktop Manual (&ldquo;Manual&rdquo;), and Proxy Voting Guidelines
                            (&ldquo;Guidelines&rdquo;) for this purpose. The Policies address,
                            among other things, conflicts of interest that may arise between the
                            interests of the Fund, and the interests of the advisor and its
                            affiliates. The Manual sets forth the procedures that the advisor has
                            implemented to vote proxies, including monitoring for corporate events,
                            communicating with the fund&rsquo;s custodian regarding proxies,
                            considering the merits f each proposal, and executing and recording the
                            proxy vote. The Guidelines set forth the advisor&rsquo;s general
                            position on various proposals, such as:</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
                            Rights &mdash; The advisor generally votes against proposals that
                            restrict shareholder rights.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
                            Governance &mdash; The advisor generally votes for confidential and
                            cumulative voting and against supermajority voting requirements for
                            charter and bylaw amendments. The advisor generally votes for proposals
                            to restrict a chief executive officer from serving on more than three
                            outside board of directors. The advisor generally votes against
                            proposals that require a company to appoint a chairman who is an
                            independent director.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Takeover
                            Matters &mdash; The advisor generally votes for proposals that require
                            shareholder ratification of poison pills or that request boards to
                            redeem poison pills, and votes &ldquo;against&rdquo; the adoption of
                            poison pills if they are submitted for shareholder ratification. The
                            advisor generally votes for fair price proposals.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Routine
                            Matters &mdash; The advisor generally votes for the ratification of
                            auditors, procedural matters related to the annual meeting, and changes
                            in company name, and against bundled proposals and
                            adjournment.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The general provisions described above do not apply to
                            investment companies. The advisor generally votes proxies solicited by
                            investment companies in accordance with the recommendations of an
                            independent third-party, except for proxies solicited by or with
                            respect to investment companies for which the advisor or an affiliate
                            serves as investment advisor or principal underwriter
                            (&ldquo;affiliated investment companies&rdquo;). The advisor votes
                            affiliated investment company proxies in the same proportion as the
                            vote of the investment company&rsquo;s other shareholders (sometimes
                            called &ldquo;mirror&rdquo; or &ldquo;echo&rdquo; voting). Master fund
                            proxies solicited from feeder funds are voted in accordance with
                            applicable requirements of the Investment Company Act of
                            1940.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Although the Guidelines set forth the advisor&rsquo;s
                            general voting positions on various proposals, the advisor may,
                            consistent with the Fund&rsquo;s best interests, determine under some
                            circumstances to vote contrary to those positions.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The Guidelines on a particular issue may or may not
                            reflect the view of individual members of the board, or of a majority
                            of the board. In addition, the Guidelines may reflect a voting position
                            that differs from the actual practices of the public companies within
                            the Deutsche Bank organization or of the investment companies for which
                            the advisor or an affiliate serves as investment advisor or
                            sponsor.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The advisor may consider the views of a portfolio
                            company&rsquo;s management in deciding how to vote a proxy or in
                            establishing general voting positions for the Guidelines, but
                            management&rsquo;s views are not determinative.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">As mentioned above, the Policies describe the way in
                            which the advisor resolves conflicts of interest. To resolve conflicts,
                            the advisor, under normal circumstances, votes proxies in accordance
                            with its Guidelines. If the advisor departs from the Guidelines with
                            respect to a particular proxy or if the Guidelines do not specifically
                            address a certain proxy proposal, a committee established by the
                            advisor will vote the proxy. Before voting any such proxy, however, the
                            committee will exclude from the voting discussions and determinations
                            any member who is involved in or aware of a material conflict of
                            interest. If, after excluding any and all such members, there are fewer
                            than three voting members remaining, the advisor will engage an
                            independent third party to vote the proxy or follow the proxy voting
                            recommendations of an independent third party.</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Under certain circumstances, the advisor may not be able
                            to vote proxies or the advisor may find that the expected economic
                            costs from voting outweigh the benefits associated with voting. For
                            example, the advisor may not vote proxies on certain foreign securities
                            due to local restrictions or customs. The advisor generally does not
                            vote proxies on securities subject to share blocking
                            restrictions.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 8.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT
                            INVESTMENT COMPANIES</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Portfolio Manager Team Disclosure</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart-->
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            <p style="PAGE-BREAK-BEFORE: always"></p>
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            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
            Fund is managed by a Team of investment professionals who collaborate to develop and
            implement the Fund&rsquo;s investment strategy. Each Portfolio Manager on the Team has
            authority over all aspects of the Fund's investment portfolio, including but not
            limited to, purchases and sales of individual securities, portfolio construction
            techniques, portfolio risk assessment, and the management of daily cash flows in
            accordance with portfolio holdings.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
            following individuals handle the day-to-day management of the fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Philip
            G. Condon, Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager
            of the Fund.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Joined Deutsche Asset Management in 1983 and the fund
                            team in 1998.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Over 30 years of investment industry
                            experience.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">BA and MBA, University of Massachusetts at
                            Amherst.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Eleanor
            R. Lynch, CFA, Director of Deutsche Asset Management and Co-Lead Portfolio Manager of
            the Fund.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Joined Deutsche Asset Management in 1995 and the Fund in
                            1998.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Over 20 years of investment industry
                            experience.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">BS, Ursinus College; MS, Drexel University.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 3pt; TEXT-ALIGN: left">
            <b><font size="2">Compensation of Portfolio Managers</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">Portfolio managers are eligible for total compensation comprised of base
            salary and discretionary incentive compensation.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Base
            Salary</font></b> <font size="2">&ndash; Base salary generally represents a smaller
            percentage of portfolio managers&rsquo; total compensation than discretionary incentive
            compensation. Base salary is linked to job function, responsibilities and financial
            services industry peer comparison through the use of extensive market data
            surveys.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Discretionary Incentive</font></b> <b><font size="2">Compensation
            &ndash;</font></b> <font size="2">Generally,</font><font size="2">discretionary
            incentive compensation comprises a greater proportion of total compensation as a
            portfolio manager&rsquo;s seniority and compensation levels increase. Discretionary
            incentive compensation is determined based on an analysis of a number of factors,
            including among other things, the performance of Deutsche Bank, the performance of the
            Asset Management division, and the employee&rsquo;s individual contribution. In
            evaluating individual contribution, management will consider a combination of
            quantitative and qualitative factors. A portion of the portfolio manager&rsquo;s
            discretionary incentive compensation may be delivered in long-term equity programs
            (usually in the form or Deutsche Bank equity) (the &ldquo;Equity Plan&rdquo;). Top
            performing portfolio managers may earn discretionary incentive compensation that is a
            multiple of their base salary.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The quantitative analysis of a portfolio manager&rsquo;s
                            individual performance is based on, among other factors, performance of
                            all of the accounts managed by the portfolio manager (which includes
                            the fund and any other accounts managed by the portfolio manager) over
                            a one-, three-, and five-year period relative to the appropriate
                            Morningstar and Lipper peer group universes and/or benchmark index(es)
                            with respect to each account. Additionally, the portfolio
                            manager&rsquo;s retail/institutional asset mix is weighted, as
                            appropriate for evaluation purposes. Generally the benchmark index used
                            is a benchmark index set forth in the fund's prospectus to which the
                            fund's performance is compared. Additional or different appropriate
                            peer group or benchmark indices may also be used. Primary weight is
                            given to pre-tax portfolio performance over three-year and five-year
                            time periods (adjusted as appropriate if the portfolio manager has
                            served for less than five years) with lesser consideration given to
                            portfolio performance over a one-year period. The increase or decrease
                            in a fund&rsquo;s assets due to the purchase or sale of fund shares is
                            not considered a material factor.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The qualitative analysis of a portfolio manager&rsquo;s
                            individual performance is based on, among other things, the results of
                            an annual management and internal peer review process, and management's
                            assessment of overall portfolio manager contributions to investor
                            relations, the investment process and overall performance (distinct
                            from fund and other account performance). Other factors, including
                            contributions made to the investment team, as well as adherence to
                            Compliance Policies and Procedures, Risk Management procedures, the
                            firm&rsquo;s Code of Ethics and &ldquo;living the values&rdquo; of the
                            Advisor are also factors.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: left">
            &nbsp;</p>
            <!-- EEDocs PBStart-->
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            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">The
            quantitative analysis of a portfolio manager&rsquo;s performance is given more weight
            in determining discretionary incentive compensation that the qualitative
            portion.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Certain
            portfolio managers may also participate in the Equity Plan. The amount of equity
            awarded under the long-term equity programs is generally based on the
            individual&rsquo;s total compensation package and may comprise from 0% to 30% of the
            total compensation award. As discretionary incentive compensation increases, the
            percentage of compensation awarded in Deutsche Bank equity also increases. Portfolio
            managers may receive a portion of their equity compensation in the form of shares in
            the proprietary mutual funds that they manage or support.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 3pt; TEXT-ALIGN: left">
            <b><font size="2">Fund Ownership of Portfolio Managers</font></b></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="center">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="562" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="181">
                            <p><b><font size="2">Name of Portfolio Manager</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="156">
                            <p><b><font size="2">Dollar Range of</font></b></p>

                            <p><b><font size="2">Fund Shares Owned</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="225">
                            <p><b><font size="2">Dollar Range of All DWS Fund Shares
                            Owned</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="181">
                            <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center">
                            &nbsp;</p>

                            <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center">
                            <font size="2">Philip G. Condon</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="156">
                            <p style="MARGIN-TOP: 0in"><font size="2">$100,001 -
                            $500,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="225">
                            <p style="MARGIN-TOP: 0in"><font size="2">Over $1,000,000</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="181">
                            <p style="TEXT-ALIGN: center" align="center">&nbsp;</p>

                            <p style="TEXT-ALIGN: center" align="center"><font size="2">Eleanor R.
                            Lynch</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="156">
                            <p><font size="2">$10,001 - $50,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="225">
                            <p><font size="2">$100,001 - $500,000</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 3pt; TEXT-ALIGN: left">
            <b><font size="2">Conflicts of Interest</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In
            addition to managing the assets of the Fund, the Fund&rsquo;s portfolio managers may
            have responsibility for managing other client accounts of the Advisor or its
            affiliates. The tables below show, for each portfolio manager, the number and asset
            size of (1) SEC registered investment companies (or series thereof) other than the
            Fund, (2) pooled investment vehicles that are not registered investment companies and
            (3) other accounts (e.g., accounts managed for individuals or organizations) managed by
            each portfolio manager. Total assets attributed to each portfolio manager in the tables
            below include total assets of each account managed by them, although the manager may
            only manage a portion of such account&rsquo;s assets. The tables also show the number
            of performance based fee accounts, as well as the total assets of the accounts for
            which the advisory fee is based on the performance of the account. This information is
            provided as of the Fund&rsquo;s most recent fiscal year end.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Other SEC Registered Investment Companies Managed:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="center">
                <table style="MARGIN-LEFT: 60.05pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="623" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Name of Portfolio Manager</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Number of Registered Investment
                            Companies</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Total Assets of Registered Investment
                            Companies</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Number of Investment Company Accounts with
                            Performance Based Fee</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Total Assets of Performance- Based Fee
                            Accounts</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Philip G. Condon</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">8</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">$7,741,604,398</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Eleanor R. Lynch</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="91">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">$4,639,389,838</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Other Pooled Investment Vehicles Managed:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="618" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="174">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Name of Portfolio Manager</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Number of Pooled Investment Vehicles</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Total Assets of Pooled Investment
                            Vehicles</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Number of Pooled Investment Vehicle Accounts with
                            Performance-Based Fee</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Total Assets of Performance- Based Fee
                            Accounts</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="174">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Philip G. Condon</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">1</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">$10,872,991</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="174">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Eleanor R. Lynch</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <b><font size="2">Other Accounts Managed:</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="624" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="179">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Name of Portfolio Manager</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="78">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Number of Other Accounts</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Total Assets of Other Accounts</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Number of Other Accounts with Performance- Based
                            Fee</font></b></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">Total Assets of Performance- Based Fee
                            Accounts</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="179">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Philip G. Condon</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="78">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="179">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Eleanor R. Lynch</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="78">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">None</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">-</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In
            addition to the accounts above, an investment professional may manage accounts in a
            personal capacity that may include holdings that are similar to, or the same as, those
            of the Funds. The Advisor has in place a Code of Ethics that is designed to address
            conflicts of interest and that, among other things, imposes restrictions on the ability
            of portfolio managers and other &ldquo;access persons&rdquo; to invest in securities
            that may be recommended or traded in the Funds and other client accounts.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <font size="2">Real, potential or apparent conflicts of interest may arise when a
            portfolio manager has day-to-day portfolio management responsibilities with respect to
            more than one fund or account, including the following:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Certain investments may be appropriate for the Fund and
                            also for other clients advised by the Advisor, including other client
                            accounts managed by the Fund&rsquo;s portfolio management team.
                            Investment decisions for the Fund and other clients are made with a
                            view to achieving their respective investment objectives and after
                            consideration of such factors as their current holdings, availability
                            of cash for investment and the size of their investments generally. A
                            particular security may be bought or sold for only one client or in
                            different amounts and at different times for more than one but less
                            than all clients. Likewise, because clients of the Advisor may have
                            differing investment strategies, a particular security may be bought
                            for one or more clients when one or more other clients are selling the
                            security. The investment results achieved for the Fund may differ from
                            the results achieved for other clients of the Advisor. In addition,
                            purchases or sales of the same security may be made for two or more
                            clients on the same day. In such event, such transactions will be
                            allocated among the clients in a manner believed by the Advisor to be
                            most equitable to each client, generally utilizing a pro rata
                            allocation methodology. In some cases, the allocation procedure could
                            potentially have an adverse effect or positive effect on the price or
                            amount of the securities purchased or sold by the Fund. Purchase and
                            sale orders for the Fund may be combined with those of other clients of
                            the Advisor in the interest of achieving the most favorable net results
                            to the Fund and the other clients.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To the extent that a portfolio manager has
                            responsibilities for managing multiple client accounts, a portfolio
                            manager will need to divide time and attention among relevant accounts.
                            The Advisor attempts to minimize these</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: left">
            &nbsp;</p>
            <!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; TEXT-ALIGN: left">
            <font size="2">conflicts by aligning its portfolio management teams by investment
            strategy and by employing similar investment models across multiple client
            accounts.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">In some cases, an apparent conflict may arise where the
                            Advisor has an incentive, such as a performance-based fee, in managing
                            one account and not with respect to other accounts it manages. The
                            Advisor will not determine allocations based on whether it receives a
                            performance-based fee from the client. Additionally, the Advisor has in
                            place supervisory oversight processes to periodically monitor
                            performance deviations for accounts with like strategies.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 10.45pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 103.68%; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 10.45pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 103.68%; TEXT-ALIGN: left">
                            <font size="2">The Advisor and its affiliates and the investment team
                            of the Funds may manage other mutual funds and separate accounts on a
                            long-short basis. The simultaneous management of long and short
                            portfolios creates potential conflicts of interest including the risk
                            that short sale activity could adversely affect the market value of the
                            long positions(and vice versa), the risk arising from sequential orders
                            in long and short positions, and the risks associated with receiving
                            opposing orders at the same time. The Advisor has adopted procedures
                            that it believes are reasonably designed to mitigate these potential
                            conflicts of interest. Included in these procedures are specific
                            guidelines developed to ensure fair and equitable treatment for all
                            clients whose accounts are managed by each Fund&rsquo;s portfolio
                            management team. The Advisor and the portfolio management team have
                            established monitoring procedures, a protocol for supervisory reviews,
                            as well as compliance oversight to ensure that potential conflicts of
                            interest relating to this type of activity are properly
                            addressed.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The
            Advisor is owned by Deutsche Bank AG, a multi-national financial services company.
            Therefore, the Advisor is affiliated with a variety of entities that provide and/or
            engage in commercial banking, insurance, brokerage, investment banking, financial
            advisory, broker-dealer activities (including sales and trading), hedge funds, real
            estate and private equity investing, in addition to the provision of investment
            management services to institutional and individual investors. Since Deutsche Bank AG,
            its affiliates, directors, officers and employees (the &ldquo;Firm&rdquo;) are engaged
            in businesses and have interests other than managing asset management accounts, such
            other activities involve real, potential or apparent conflicts of interest. These
            interests and activities include potential advisory, transactional and financial
            activities and other interests in securities and companies that may be directly or
            indirectly purchased or sold by the Firm for its clients&rsquo; advisory accounts.
            These are considerations of which advisory clients should be aware and which may cause
            conflicts that could be to the disadvantage of the Advisor&rsquo;s advisory clients.
            The Advisor has instituted business and compliance policies, procedures and disclosures
            that are designed to identify, monitor and mitigate conflicts of interest and, as
            appropriate, to report them to the Fund&rsquo;s Board.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 9.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">PURCHASES OF EQUITY SECURITIES BY CLOSED-END
                            MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 4.65pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="649" border="0">
                    <tr style="HEIGHT: 99.5pt">
                        <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 99.5pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Period</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 99.5pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">(a)</font><br>
                            <font size="2">Total Number of Shares Purchased</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 99.5pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">(b)</font><br>
                            <font size="2">Average Price Paid per Share</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 99.5pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">(c)</font><br>
                            <font size="2">Total Number of Shares Purchased as Part of Publicly
                            Announced Plans or Programs</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 99.5pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">(d)</font><br>
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">December 1 through December 31</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">January 1 through January 31</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">February 1 through February 28</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">March 1 through March 31</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart-->
            <hr align="center" width="100%" noshade size="2">

            <p style="PAGE-BREAK-BEFORE: always"></p>
            <!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 4.65pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="649" border="0">
                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">April 1 through April 30</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">May 1 through May 31</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">June 1 through June 30</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">July 1 through July 31</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">August 1 through August 31</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">September 1 through September 30</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">October 1 through October 31</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">November 1 through November 30</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Total</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">n/a</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 10.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">SUBMISSION OF MATTERS TO A VOTE OF SECURITY
                            HOLDERS</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The primary function of the Nominating and Governance
                            Committee is to identify and recommend individuals for membership on
                            the Board and oversee the administration of the Board Governance
                            Procedures and Guidelines. Shareholders may recommend candidates for
                            Board positions by forwarding their correspondence by U.S. mail or
                            courier service to the Fund's Secretary for the attention of the
                            Chairman of the Nominating and Governance Committee, Two International
                            Place, Boston, MA 02110. Suggestions for candidates must include a
                            resume of the candidate.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 11.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">CONTROLS AND PROCEDURES</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="2">(a)
                            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief
                            Executive and Financial Officers concluded that the Registrant&rsquo;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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="2">(b)
                            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no
                            changes in the registrant&rsquo;s internal control over financial
                            reporting that occurred during the registrant&rsquo;s last half-year
                            (the registrant&rsquo;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&rsquo;s internal controls over
                            financial reporting.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">ITEM 12.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                            <b><font size="2">EXHIBITS</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="2">(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics
                            pursuant to Item 2 of Form N-CSR is filed and attached hereto as
                            EX-99.CODE ETH.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 30.6pt; TEXT-INDENT: -30.6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="2">(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification
                            pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17
                            CFR 270.30a-2(a)) is filed and attached hereto as Exhibit
                            99.CERT.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
                            <font size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certification
                            pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17
                            CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit
                            99.906CERT.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        </div>

        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Form
            N-CSR Item F</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">SIGNATURES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Registrant:</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">DWS Municipal Income Trust</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="317" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">By:</font></p>
                        </td>

                        <td valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">/s/Michael G. Clark</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="304" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Michael G. Clark</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">President</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="303" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date:</font></p>
                        </td>

                        <td valign="top" nowrap width="111">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">February 1, 2008</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Registrant:</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">DWS Municipal Income Trust</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="317" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">By:</font></p>
                        </td>

                        <td valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">/s/Michael G. Clark</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="304" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Michael G. Clark</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1.5in; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">President</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="303" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date:</font></p>
                        </td>

                        <td valign="top" nowrap width="111">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">February 1, 2008</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="300" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">By:</font></p>
                        </td>

                        <td valign="top" nowrap width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">/s/Paul Schubert</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="285" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="93">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Paul Schubert</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="303" border="0">
                    <tr>
                        <td valign="top" nowrap width="192">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date:</font></p>
                        </td>

                        <td valign="top" nowrap width="111">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">February 1, 2008</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        </div>
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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>6
<FILENAME>code_ethics071906.txt
<DESCRIPTION>CODE OF ETHICS
<TEXT>
                               Scudder/DeAM Funds

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

































                                                                  Effective Date
                                                              [January 31, 2005]





Table of Contents
<TABLE>
<CAPTION>
                                                                                    Page Number

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


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


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

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

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

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

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


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


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


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


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


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

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

</TABLE>


                                       2
<PAGE>



I.       Overview

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

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

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

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

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

II.      Purposes of the Officer Code

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

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

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

         o        promote   compliance   with   applicable   laws,   rules   and
                  regulations;

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

         o        establish accountability for adherence to the Officer Code.

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

- --------

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


                                       3
<PAGE>

III.     Responsibilities of Covered Officers

         A.       Honest and Ethical Conduct

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

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

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

         B.       Conflicts of Interest

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

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

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


                                       4
<PAGE>

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

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

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

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

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

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

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

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


- --------

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


                                       5
<PAGE>

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

         C.       Use of Personal Fund Shareholder Information

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

         D.       Public Communications

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

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

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

         E.       Compliance with Applicable Laws, Rules and Regulations

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

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



                                       6
<PAGE>

IV.      Violation Reporting

         A.       Overview

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

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

         o        Unethical or dishonest behavior

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

         o        Failure to report violations of the Officer Code

         o        Known or obvious  deviations from Applicable Laws

         o        Failure to  acknowledge  and certify  adherence to the Officer
                  Code

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


         B.       How to Report

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

         C.       Process for Violation Reporting to the Fund Board

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

         D.       Sanctions for Code Violations

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

         V.       Waivers from the Officer Code

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


- --------

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

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


                                       7
<PAGE>

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

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

VI.      Amendments to the Code

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

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

VII.     Acknowledgement and Certification of Adherence to the Officer Code

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

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

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

VIII.    Scope of Responsibilities

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

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

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


IX.      Recordkeeping

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



                                       8
<PAGE>

X.       Confidentiality

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



                                       9
<PAGE>



         Appendices

         Appendix A:



         List of Officers Covered under the Code, by Board:

<TABLE>
<CAPTION>

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

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


         DeAM Compliance Officer:

         Name: Joseph Yuen

         DeAM Department: Compliance

         Phone Numbers: 212-454-7443

         Fax Numbers: 212-454-4703









As of:   July 19, 2006

                                       10
<PAGE>



Appendix B: Acknowledgement and Certification


                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code



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




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

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

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

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

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













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


                                       11
<PAGE>




                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code



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



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

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

         3.       I have adhered to the Officer Code.

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

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

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

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

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














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


                                       12
<PAGE>


         Appendix C:  Definitions

         Principal Executive Officer

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

         Principal Financial Officer

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

         Registered Investment Management Investment Company

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

         Waiver

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

         Implicit Waiver

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



                                       13
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>7
<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-CSR Certification under Sarbanes Oxley Act</font></b></p>

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

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

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

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

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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, 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='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='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>
</div>


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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="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>February 1, 2008</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>
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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-CSR 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-CSR;</font></p> </td> </tr></table>
</div>


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


<div align=left>

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


<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="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>February 1, 2008</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>
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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>10
<FILENAME>cert906-mit.htm
<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-CSR;</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 1, 2008</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Michael G. Clark</font></u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Michael G. Clark </font></p>  </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>President</font></font></p>  </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>Chief Financial Officer and Treasurer</font></b></p>

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

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

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSR;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>February 1, 2008</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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
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