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<SEC-DOCUMENT>0000088053-09-000130.txt : 20090202
<SEC-HEADER>0000088053-09-000130.hdr.sgml : 20090202
<ACCEPTANCE-DATETIME>20090202152432
ACCESSION NUMBER:		0000088053-09-000130
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20081130
FILED AS OF DATE:		20090202
DATE AS OF CHANGE:		20090202
EFFECTIVENESS DATE:		20090202

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:		09561267

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004
		BUSINESS PHONE:		212-454-6778

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154-0004

	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>ar113008mit.htm
<DESCRIPTION>ANNUAL REPORT
<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">
                            <font size="2">Investment Company Act file number</font></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">
                            <font size="2">811-05655</font></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: center">&nbsp;</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 10154-0004</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 10154-0004</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">11/30/08</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>

            <div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">
                <hr align="center" width="100%" noshade size="2">
            </div>
        </div>

        <table class="CLASS_6" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_142" valign="bottom" align="center" bgcolor="#0091ff">
                    <p class="CLASS_4" align="left">&nbsp;</p>

                    <p class="CLASS_144" align="center"><font color="#ffffff">NOVEMBER 30,
                    2008</font></p>

                    <h1 class="CLASS_143" align="center"><font color="#ffffff">Annual Report<br>
                    to Shareholders</font></h1>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_142" valign="bottom" align="left" bgcolor="#0091ff">
                    <p class="CLASS_4" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_142" valign="bottom" align="center">
                    <p class="CLASS_4" align="left">&nbsp;</p>

                    <p class="CLASS_145" align="center"><b><font color="#0091ff" size="+1">DWS
                    Municipal Income Trust</font></b></p>

                    <p class="CLASS_10" align="center"><font color="#0091ff">Ticker Symbol:
                    KTF</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td valign="bottom" align="left">
                <img alt="mit_cover1e0" src="mit_cover1e0.gif"></td>
            </tr>
        </table>

        <p class="CLASS_143" id="mit.html.2" align="left">
        <b><font color="#0091ff" size="+1">Contents</font></b></p>

        <table class="CLASS_6" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_142" valign="bottom" align="left">
                    <p class="CLASS_42" align="left">
                    <b><a href="#perfsum"><font color="#0091ff" size="-1">4</font></a></b>
                    <font color="#000000">Performance Summary</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#pmr"><font color="#0091ff" size="-1">6</font></a></b>
                    <font color="#000000">Portfolio Management Review</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#portsum"><font color="#0091ff" size="-1">12</font></a></b>
                    <font color="#000000">Portfolio Summary</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#portfolio"><font color="#0091ff" size="-1">13</font></a></b>
                    <font color="#000000">Investment Portfolio</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#fins"><font color="#0091ff" size="-1">25</font></a></b>
                    <font color="#000000">Financial Statements</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#high"><font color="#0091ff" size="-1">29</font></a></b>
                    <font color="#000000">Financial Highlights</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#notes"><font color="#0091ff" size="-1">31</font></a></b>
                    <font color="#000000">Notes to Financial Statements</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#ria"><font color="#0091ff" size="-1">38</font></a></b>
                    <font color="#000000">Report of Independent Registered Public Accounting
                    Firm</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#tax"><font color="#0091ff" size="-1">39</font></a></b>
                    <font color="#000000">Tax Information</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#other"><font color="#0091ff" size="-1">39</font></a></b>
                    <font color="#000000">Other Information</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#drp"><font color="#0091ff" size="-1">40</font></a></b>
                    <font color="#000000">Dividend Reinvestment Plan</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#ima"><font color="#0091ff" size="-1">42</font></a></b>
                    <font color="#000000">Investment Management Agreement Approval</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#to"><font color="#0091ff" size="-1">46</font></a></b>
                    <font color="#000000">Trustees and Officers</font></p>

                    <p class="CLASS_42" align="left">
                    <b><a href="#addinfo"><font color="#0091ff" size="-1">50</font></a></b>
                    <font color="#000000">Additional Information</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" 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_37" align="left"><i><font color="#000000" size="-2">DWS Investments is part
        of Deutsche Bank's Asset Management division and, within the US, represents the retail
        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_37" 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_143" 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, 2008</font></b></p>

        <p class="CLASS_37" 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.dws-investments.com for the Fund's most recent month-end
        performance.</font></b></p>

        <p class="CLASS_37" 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_37" 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_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="5">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Average
                    Annual Total Returns</font></b> <font color="#000000" size="-2">as of
                    11/30/08</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_136" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">DWS
                    Municipal Income Trust</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">1-Year</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">3-Year</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">5-Year</font></b></p>
                </td>

                <td class="CLASS_91" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">10-Year</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_77" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Based on
                    Net Asset Value<sup>(a)</sup></font></b></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <b><font color="#000000" size="-2">-12.55%</font></b></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <b><font color="#000000" size="-2">-1.87%</font></b></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <b><font color="#000000" size="-2">.81%</font></b></p>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <b><font color="#000000" size="-2">4.01%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_77" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Based on
                    Market Price<sup>(a)</sup></font></b></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <b><font color="#000000" size="-2">-16.00%</font></b></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <b><font color="#000000" size="-2">-7.71%</font></b></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <b><font color="#000000" size="-2">-1.41%</font></b></p>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <b><font color="#000000" size="-2">.67%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_77" valign="bottom" align="left">
                <font color="#000000" size="-2">Barclays Capital Municipal Bond
                Index<sup>(b)</sup></font><br>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <font color="#000000" size="-2">-3.61%</font></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <font color="#000000" size="-2">1.66%</font></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <font color="#000000" size="-2">2.58%</font></p>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <font color="#000000" size="-2">4.13%</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_77" 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_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <font color="#000000" size="-2">-20.85%</font></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <font color="#000000" size="-2">-5.05%</font></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <font color="#000000" size="-2">-.68%</font></p>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_94" align="right">
                    <font color="#000000" size="-2">2.65%</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" align="left"><i><font color="#000000" size="-2">Sources: Lipper Inc.
        and Deutsche Investment Management Americas Inc.</font></i></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Net Asset
                    Value and Market Price</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_135" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_90" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">As of
                    11/30/08</font></b></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">As of
                    11/30/07</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_76" valign="bottom" align="left">
                <font color="#000000" size="-2">Net Asset Value</font><br>
                </td>

                <td class="CLASS_111" valign="bottom" align="left">
                    <p class="CLASS_112" align="left"><font color="#000000" size="-2">$
                    9.72</font></p>
                </td>

                <td class="CLASS_111" valign="bottom" align="left">
                    <p class="CLASS_112" align="left"><font color="#000000" size="-2">$
                    11.79</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_76" valign="bottom" align="left">
                <font color="#000000" size="-2">Market Price</font><br>
                </td>

                <td class="CLASS_111" valign="bottom" align="left">
                    <p class="CLASS_112" align="left"><font color="#000000" size="-2">$
                    8.26</font></p>
                </td>

                <td class="CLASS_111" valign="bottom" align="left">
                    <p class="CLASS_112" align="left"><font color="#000000" size="-2">$
                    10.43</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" 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 Barclays Capital Municipal Bond Index (name changed
        from Lehman Brothers Municipal Bond Index, effective November 3, 2008) 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_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-1">Distribution Information</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_75" valign="bottom" align="left">
                    <font color="#000000" size="-2">Twelve Months as of 11/30/08:</font><br>


                    <p class="CLASS_15" align="left"><font color="#000000" size="-2">Income
                    Dividends (common shareholders)</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_110" align="left"><font color="#000000" size="-2">$
                    .59</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_75" valign="bottom" align="left">
                <font color="#000000" size="-2">November Income Dividend (common
                shareholders)</font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="left">
                    <p class="CLASS_110" align="left"><font color="#000000" size="-2">$
                    .0510</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <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;11/30/08<sup>+</sup></font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="right">
                    <p class="CLASS_104" align="right">
                    <font color="#000000" size="-2">6.30%</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <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;11/30/08<sup>+</sup></font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="right">
                    <p class="CLASS_104" align="right">
                    <font color="#000000" size="-2">7.41%</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <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;11/30/08<sup>+</sup></font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="right">
                    <p class="CLASS_104" align="right">
                    <font color="#000000" size="-2">9.69%</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <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;11/30/08<sup>+</sup></font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="right">
                    <p class="CLASS_104" align="right">
                    <font color="#000000" size="-2">11.40%</font></p>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2"><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, 2008. 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_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="5">
                    <p class="CLASS_17" 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;11/30/08</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_134" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">Period</font></b></p>
                </td>

                <td class="CLASS_88" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">Rank</font></b></p>
                </td>

                <td class="CLASS_89" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">&nbsp;</p>
                </td>

                <td class="CLASS_88" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Number of
                    Funds Tracked</font></b></p>
                </td>

                <td class="CLASS_88" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">Percentile Ranking (%)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_74" valign="bottom" align="left">
                <font color="#000000" size="-2">1-Year</font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">5</font></p>
                </td>

                <td class="CLASS_140" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">60</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">9</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_74" valign="bottom" align="left">
                <font color="#000000" size="-2">3-Year</font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">9</font></p>
                </td>

                <td class="CLASS_140" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">59</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">15</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_74" valign="bottom" align="left">
                <font color="#000000" size="-2">5-Year</font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">21</font></p>
                </td>

                <td class="CLASS_140" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">59</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">35</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_74" valign="bottom" align="left">
                <font color="#000000" size="-2">10-Year</font><br>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">5</font></p>
                </td>

                <td class="CLASS_140" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">40</font></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">13</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" 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_143" 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_10" align="left"><i><font color="#000000" size="-2">Philip G.
        Condon</font></i></p>

        <p class="CLASS_37" 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_47" align="left"><font color="#000000" size="-2">&bull; Joined Deutsche
        Asset Management in 1983 and the fund team in 1998.</font></p>

        <p class="CLASS_47" align="left"><font color="#000000" size="-2">&bull; Over 31 years of
        investment industry experience.</font></p>

        <p class="CLASS_47" align="left"><font color="#000000" size="-2">&bull; BA and MBA,
        University of Massachusetts at Amherst.</font></p>

        <p class="CLASS_10" align="left"><i><font color="#000000" size="-2">Eleanor R. Lynch,
        CFA</font></i></p>

        <p class="CLASS_37" 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_47" align="left"><font color="#000000" size="-2">&bull; Joined Deutsche
        Asset Management in 1995 and the fund team in 1998.</font></p>

        <p class="CLASS_47" align="left"><font color="#000000" size="-2">&bull; Over 21 years of
        investment industry experience.</font></p>

        <p class="CLASS_47" align="left"><font color="#000000" size="-2">&bull; BS, Ursinus
        College; MS, Drexel University.</font></p>

        <p class="CLASS_9" 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 trust's performance for the
        period and the market environment for municipal bonds.</font></p>

        <p class="CLASS_46" align="left"><i><font color="#000000" size="-2">The views expressed in
        the following discussion reflect those of the portfolio management team 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. Current
        and future portfolio holdings are subject to risk.</font></i></p>

        <p class="CLASS_44" align="left"><b><font color="#0091ff" size="-1">Q: Will you describe
        the general market environment during the annual period ending November 30,
        2008?</font></b></p>

        <p class="CLASS_42" align="left"><b><font color="#0091ff" size="-1">A:</font></b>
        <font color="#000000">Municipal bonds delivered negative results over the 12&nbsp;months
        ending November 30, 2008. The municipal bond market, as measured by the Barclays Capital
        Municipal Bond Index, delivered a total return of -3.61% for the 12 months ended November
        30, 2008.<sup>1</sup> The broad taxable bond market, as measured by the Barclays Capital US
        Aggregate Index, delivered a positive total return of 1.74% 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
        Barclays Capital Municipal Bond Index (name changed from Lehman Brothers Municipal Bond
        Index, effective November 3, 2008) is a broad-based, total-return index comprising more
        than 40,000 investment-grade, fixed-rate municipal bonds with maturities of at least two
        years.</font></i> <br>
        <font color="#000000" size="-2"><sup>2</sup></font> <i><font color="#000000" size="-2">The
        Barclays Capital US Aggregate Index (name changed from Lehman Brothers US Aggregate Index,
        effective November 3, 2008) is an unmanaged index representing domestic taxable
        investment-grade bonds, with index components for government and corporate securities,
        mortgage pass-through securities and asset-backed securities with average maturities of one
        year or more.</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_42" align="left"><font color="#000000">The US Federal Reserve Board (the
        Fed) lowered the federal funds rate (fed funds rate) &mdash; the overnight interbank
        lending rate and a benchmark for interest rates generally &mdash; seven times totaling 350
        basis points (3.5 percentage points) over the period. This left the fed funds rate at 1.00%
        at the end of November 2008. Municipal yields declined on the shorter parts of the curve,
        while rising on issues over seven years. 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 that of longer issues.</font></p>

        <p class="CLASS_42" align="left"><font color="#000000">Municipal supply has been erratic
        given the economic and credit market backdrop, but overall has lagged last year's record
        volume only modestly. Demand for all non-Treasury issues including municipals was severely
        impacted for portions of the period by credit and liquidity concerns that have roiled the
        financial markets over the last several months. Early in the fiscal period, any support
        provided by traditional municipal market participants was&nbsp;overwhelmed by the unwinding
        of positions by institutional investors who had been using leveraging and hedging
        strategies in an attempt to benefit from disparities between the tax-free and&nbsp;taxable
        markets. This contributed to a significant dislocation between municipal supply and demand.
        As the period progressed, while mutual fund flows turned negative and insurance companies
        retreated to the sidelines, retail interest in&nbsp;individual bonds strengthened, based on
        attractive municipal yields.</font></p>

        <p class="CLASS_42" id="mit.html.7" align="left"><font color="#000000">The municipal bond
        yield curve steepened significantly during the annual period ending November 30,
        2008.<sup>3</sup> The two-year bond yield decreased 109 basis points from 3.22% to 2.13%,
        while the 30-year yield increased 100 basis points from 4.38% to 5.38%, resulting in a
        total steepening of 209 basis points. (See the following graph for municipal bond yield
        changes from the beginning to the end of the period.)</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>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Municipal
                    Bond Yield Curve</font></b> <font color="#000000" size="-2">(as of 11/30/07 and
                    11/30/08)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td valign="bottom" align="center">
                <img alt="mit_yield180" src="mit_yield180.gif"></td>
            </tr>
        </table>

        <p class="CLASS_37" align="left"><i><font color="#000000" size="-2">Source: Municipal
        Market Data, AAA-rated universe</font></i></p>

        <p class="CLASS_141" 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_44" 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 ending November 30,
        2008?</font></b></p>

        <p class="CLASS_43" align="left"><b><font color="#0091ff" size="-1">A:</font></b>
        <font color="#000000">For the period ending November 30, 2008, DWS Municipal Income Trust
        delivered a total return at net asset value of -12.55%. The fund posted a return based on
        market value of -16.00%. Its average peer in the Lipper General Closed-End Municipal Debt
        Leveraged Funds category delivered -20.85% over the period.<sup>4</sup> The fund's
        benchmark, the unmanaged Barclays Capital Municipal Bond Index, returned -3.61% over 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.) Over the period, the discount at which the fund trades to its net asset value
        widened from about 11.5% to 15%. We believe any trend toward a widening of the fund's
        discount is largely a function of closed-end mutual funds being swept up in the liquidity
        crisis. Also, with the use of borrowing to increase returns having become more problematic,
        some investors may have discounted leveraged vehicles such as the&nbsp;fund.</font></p>
        <font color="#000000" size="-2"><sup>4</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. For the 1-, 5- and 10-year periods this
        category's average was -20.85% (60 funds), -0.68% (59 funds) and 2.65% (40 funds),
        respectively, as of 11/30/08. Category returns assume reinvestment of all distributions. It
        is not possible to invest directly into a Lipper category.</font></i><br>

        <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?</font></b></p>

        <p class="CLASS_41" align="left"><b><font color="#0091ff" size="-1">A:</font></b>
        <font color="#000000">We continued to manage the fund to provide a high level of current
        income exempt from federal income tax. 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_41" align="left"><font color="#000000">The fund's relatively conservative
        positioning from the standpoint of credit risk benefited performance as market participants
        have continued to seek quality in the wake of the subprime crisis, causing credit spreads
        to widen over the period. In particular, modest exposure to tobacco- and airline-related
        issues has helped performance. As the period progressed, credit spreads reached levels
        where we believed investors were paid more fairly for the incremental risk, and we began to
        selectively increase exposure to lower-quality issues.<sup>5</sup> In this vein, we
        increased the fund's holdings of bonds rated A and BBB.<sup>6</sup> The credit downgrades
        of leading bond insurers also contributed to an increase in holdings rated below AAA.
        Overall, however, the fund's quality profile was relatively high during the period, helping
        to limit the impact of spread widening. In particular, significant holdings of prerefunded
        bonds helped, as investors prized their top-notch quality during the liquidity
        crunch.</font></p>

        <p class="CLASS_41" id="mit.html.9" align="left"><font color="#000000">As we entered the
        period, the yield curve was still relatively flat, reducing the income advantage provided
        by longer-term issues. In this environment, we emphasized bonds with maturities in the
        15-to-20-year range. The fund's curve positioning helped performance, as intermediate-term
        bonds were less impacted by rising yields and corresponding price declines than
        longer-dated issues. As long-term rates have backed up and the curve has steepened, we have
        increasingly taken advantage of opportunities to extend the portfolio's duration and
        increase income, adding exposure to issues in the 20-to-25-year range. Still, the fund had
        relatively light exposure for most of the period to bonds with maturities over 20 years,
        helping to limit the impact of rising yields and falling prices on longer-dated issues.
        Given the steepening of the curve that has occurred, we have continued to add exposure to
        issues in the 20-to-25-year range.</font></p>

        <p class="CLASS_41" align="left"><font color="#000000">Finally, the fund has the ability to
        leverage returns to shareholders through the issuance of preferred shares whose dividend
        rate is set by auction. For a portion of the period, a stalled auction rate market
        increased the fund's borrowing costs by pricing the dividend rate at a preestablished
        premium to short-term yields, which had skyrocketed.<sup>7</sup> Later in the period, a
        sharp decline in short-term interest rates dramatically lowered the reference
        rate&nbsp;used to calculate the cost of this leverage even though the failed auctions
        continued, supporting the fund's income generation.</font></p>
        <font color="#000000" size="-2"><sup>5</sup></font>
        <i><font color="#000000" size="-2">Credit spread reflects the difference in yield between
        bonds of different credit qualities but comparable maturities.</font></i><br>
        <font color="#000000" size="-2"><sup>6</sup></font>
        <i><font color="#000000" size="-2">Credit quality (credit rating) 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.</font></i><br>
        <font color="#000000" size="-2"><sup>7</sup></font>
        <i><font color="#000000" size="-2">Municipal auction rate securities are debt instruments
        that typically have a long nominal maturity with interest rate resets determined via a
        Dutch auction. Bids are filled in order from the lowest yield to the highest yield
        necessary to sell out the issue, with all successful bidders receiving the highest yield.
        Reset periods normally range from one to&nbsp;35 days.</font></i><br>

        <p class="CLASS_41" id="mit.html.10" align="left"><font color="#000000">Municipal yields
        are currently very attractive relative to US Treasury bonds, providing an income advantage
        even before taking into account their tax advantage. To illustrate, at the end of November,
        the 10-year municipal bond was yielding approximately 138% of the comparable maturity
        Treasury bond, up from about 90% six months earlier. With a national economic downturn
        under way and the decreased role of insurance in the municipal market, we believe the
        expertise we bring to researching municipal sectors and individual issues has never been
        more important. We&nbsp;will continue to take a prudent approach to investing in the
        municipal market, while seeking to provide a high level of current income exempt from
        federal income tax.</font></p>

        <p class="CLASS_143" 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_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_17" 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_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">11/30/08</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">11/30/07</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_101" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_101" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Revenue
                    Bonds</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">61%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">48%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">
                    <font color="#000000" size="-2">ETM/Prerefunded Bonds</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">25%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">35%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">General
                    Obligation Bonds</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">9%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">14%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Lease
                    Obligations</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">5%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">3%</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_27" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_102" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">100%</font></p>
                </td>

                <td class="CLASS_102" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">100%</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-1">Quality</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">11/30/08</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">11/30/07</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_101" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_101" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">AAA</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">17%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">70%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">AA</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">28%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">8%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">A</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">35%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">12%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">BBB</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">15%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">7%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">BB</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">1%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Below
                    B</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">1%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Not
                    Rated</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">4%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">2%</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_27" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_102" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">100%</font></p>
                </td>

                <td class="CLASS_102" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">100%</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Interest
                    Rate Sensitivity</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">11/30/08</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">11/30/07</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_101" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">&nbsp;</p>
                </td>

                <td class="CLASS_101" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Average
                    Maturity</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">9.1
                    years</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">5.3
                    years</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">
                    <font color="#000000" size="-2">Duration</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">9.7
                    years</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">5.0
                    years</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_17" 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_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">11/30/08</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">11/30/07</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_26" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_101" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_101" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">
                    <font color="#000000" size="-2">Texas</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">13%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">11%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New
                    York</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">13%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">9%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">
                    <font color="#000000" size="-2">Florida</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">10%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">4%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">
                    <font color="#000000" size="-2">California</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">9%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">16%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">
                    <font color="#000000" size="-2">Tennessee</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">6%</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_100" align="right">
                    <font color="#000000" size="-2">3%</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Asset allocation,
        quality, interest rate sensitivity and state allocations are subject to
        change.</font></i></p>

        <p class="CLASS_17" 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_17" 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. A complete list of the fund's
        portfolio holdings is posted as of the month end on www.dws-investments.com on or about the
        15th day of the following month. More frequent posting of portfolio holdings information
        may be made from time to time on www.dws-investments.com. Please see the Additional
        Information section for contact information.</font></i></p>

        <p class="CLASS_17" 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_143" 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, 2008</font></b></p>

        <table class="CLASS_6" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">Principal
                    Amount ($)</font></b></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">Value
                    ($)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_97" valign="bottom" align="right" colspan="2">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#0091ff">Municipal Bonds and
                    Notes 143.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Alabama
                    4.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Camden, AL,
                    Industrial Development Board Revenue, Series&nbsp;B, AMT, Prerefunded, 6.375%,
                    12/1/2024</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,125,890</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Huntsville,
                    AL, Hospital &amp; Healthcare Revenue, Health Care Authority, Series A,
                    Prerefunded, 5.75%, 6/1/2031</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,966,125</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8,560,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8,616,325</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">15,708,340</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Arizona
                    5.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Arizona,
                    Health Facilities Authority Revenue, Banner Health, Series D, 5.375%,
                    1/1/2032</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,575,200</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,600,740</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Arizona, Salt
                    Verde Financial Corp., Gas Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">5.0%,
                    12/1/2037</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,050,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">669,585</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">5.5%,
                    12/1/2029</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,400,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,019,802</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Phoenix, AZ,
                    Industrial Development Authority, Single Family Mortgage Revenue, Series
                    2007-3, AMT, 5.625%,&nbsp;5/1/2039</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,567,708</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,648,846</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">21,514,173</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">California
                    15.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">California,
                    Bay Area Toll Authority Bridge Revenue, San&nbsp;Francisco Bay Area, Series
                    D-1, 0.4%**, 4/1/2045&nbsp;</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">California,
                    Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series
                    2003-A-1, Prerefunded, 6.75%, 6/1/2039</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">11,730,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">13,499,822</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">California,
                    State General Obligation:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">5.125%,
                    4/1/2024</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,400,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,173,356</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">5.25%,
                    4/1/2030</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">110,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">100,257</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">California,
                    State Public Works Board Lease Revenue, Department of General Services, Capital
                    East End, Series&nbsp;A, 5.25%, 12/1/2020 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,939,300</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">California,
                    State Revenue Lease, Public Works Board, Department of Corrections, Series C,
                    5.5%, 6/1/2021</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,511,150</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Corona-Norco,
                    CA, Unified School District, Election of 2006, Series A, 5.0%, 8/1/2031
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,130,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,749,457</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Kern, CA, High
                    School District, Election of 2004, Series B, 5.0%, 8/1/2030 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">13,270,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">12,371,223</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,850,580</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Sacramento,
                    CA, Municipal Utility District, Electric Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series U,
                    5.0%, 8/15/2026 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,615,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,459,512</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series U,
                    5.0%, 8/15/2027 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,025,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,876,183</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series U,
                    5.0%, 8/15/2028 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,045,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,881,155</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">57,411,995</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Colorado
                    6.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Colorado,
                    E-470 Public Highway Authority Revenue, Series&nbsp;A-1, 5.5%, 9/1/2024
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,154,775</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Colorado,
                    Hospital &amp; Healthcare Revenue, Portercare Adventist Health Project,
                    Prerefunded, 6.5%, 11/15/2031</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,127,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Colorado,
                    Hospital &amp; Healthcare Revenue, Poudre Valley Health Facilities:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 5.5%, 12/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,145,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,470,685</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.0%, 12/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,705,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,035,890</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.0%, 12/1/2016 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,116,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Colorado,
                    Single Family Housing Revenue, Series B2, AMT, 7.25%, 10/1/2031</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">160,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">168,328</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Denver, CO,
                    Airport Revenue, Series A, AMT, 6.0%,&nbsp;11/15/2014 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,029,100</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">23,101,778</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">District of
                    Columbia 1.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">District of
                    Columbia, Series A, ETM, 5.5%, 6/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">640,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">655,789</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,810,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,698,808</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,860,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,905,886</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">5,260,483</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Florida
                    5.9%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Hillsborough
                    County, FL, Industrial Development Revenue, University Community Hospital
                    Project, Series A, Prerefunded, 5.625%, 8/15/2023</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,041,300</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Educational Facilities Authority Revenue, University of Miami,
                    Series A, 5.75%, 4/1/2028</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,781,990</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Transportation/Tolls Revenue, Expressway Authority:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">6.0%, 7/1/2013
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,665,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,746,202</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">6.0%, 7/1/2014
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,048,770</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">North Brevard
                    County, FL, Hospital District Revenue, Parrish Medical Center
                    Project:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">5.5%,
                    10/1/2028</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,290,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,292,412</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">5.75%,
                    10/1/2038</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,984,600</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Orange County,
                    FL, Health Facilities Authority Revenue, Orlando Regional Healthcare
                    System:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B,
                    5.25%, 12/1/2029 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,173,345</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Prerefunded,
                    5.75%, 12/1/2032</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,114,770</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,850,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,059,161</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">22,242,550</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Georgia
                    5.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Georgia, Main
                    Street Natural Gas, Inc., Gas Project&nbsp;Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    5.0%, 3/15/2020</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,250,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,960,660</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    5.5%, 9/15/2024</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,775,750</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    5.5%, 9/15/2028</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,111,300</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Georgia,
                    Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus
                    Regional Healthcare Systems, 6.5%, 8/1/2038 (a) (b)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,300,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,139,818</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">19,987,528</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Hawaii
                    4.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Hawaii,
                    Airport System Revenue, Series B, AMT, 6.5%,&nbsp;7/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8,800,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8,937,192</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Hawaii,
                    Electric Revenue, Department of Budget &amp; Finance, Series D, AMT, 6.15%,
                    1/1/2020 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,195,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,093,481</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Hawaii, Port
                    Authority Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A, AMT,
                    6.0%, 7/1/2011 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,950,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,030,653</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A, AMT,
                    6.0%, 7/1/2012 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,135,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,166,538</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">17,227,864</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Idaho
                    0.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Idaho, Health
                    Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%,
                    11/1/2037 (b)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,135,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,104,149</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Idaho, Single
                    Family Housing Revenue, Series C2, AMT, 6.9%, 7/1/2025</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,001</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">2,114,150</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Illinois
                    7.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,823,500</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Chicago, IL,
                    Core City General Obligation:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.0%, 1/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,085,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,243,919</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.125%, 1/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,156,340</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.125%, 1/1/2016 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,156,340</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Chicago, IL,
                    Other General Obligation, Neighborhoods Alive 21 Project:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.0%, 1/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,076,220</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.0%, 1/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,076,220</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Illinois,
                    Finance Authority Revenue, Advocate Health Care Network, Series D, 6.5%,
                    11/1/2038 (b)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">968,600</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Illinois,
                    Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%,
                    7/1/2038</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,750,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,001,637</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Illinois,
                    Finance Authority Revenue, Rush University Medical Center, Series B, 5.75%,
                    11/1/2028 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,250,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,099,800</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,148,480</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">29,751,056</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Indiana
                    1.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Indiana,
                    Hospital &amp; Healthcare Revenue, Health Facilities Authority, Prerefunded,
                    5.5%, 11/1/2031</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">5,511,900</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Kansas
                    0.9%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Overland Park,
                    KS, Industrial Development Revenue, Series&nbsp;A, Prerefunded, 7.375%,
                    1/1/2032</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">3,331,140</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Kentucky
                    3.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Kentucky,
                    Economic Development Finance Authority, Health System Revenue, Norton
                    Healthcare:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.5%, 10/1/2020</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">790,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">858,920</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    6.5%, 10/1/2020</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,210,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,138,078</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.625%, 10/1/2028</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,130,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,410,072</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    6.625%, 10/1/2028</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">870,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">780,407</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Kentucky,
                    Economic Development Finance Authority, Louisville Arena Project Revenue,
                    Series A-1, 6.0%,&nbsp;12/1/2042 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,734,960</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Louisville
                    &amp; Jefferson County, KY, Metropolitan Government Health Systems Revenue,
                    Norton Healthcare, Inc., 5.0%,&nbsp;10/1/2030</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,433,300</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">13,355,737</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Louisiana
                    0.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Louisiana, St.
                    John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%,
                    6/1/2037</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,315,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">1,480,419</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Maine
                    0.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">265,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">265,689</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Maryland
                    1.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Maryland,
                    Hospital &amp; Healthcare Revenue, University of Maryland Medical System,
                    Prerefunded, 6.75%, 7/1/2030</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,719,425</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Maryland,
                    State Health &amp; Higher Educational Facilities Authority Revenue, Washington
                    County Hospital, 5.75%,&nbsp;1/1/2033</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,098,495</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">3,817,920</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-1">Massachusetts 2.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Massachusetts,
                    Airport Revenue, U.S. Airways, Inc. Project, Series A, AMT, 5.875%, 9/1/2023
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,935,050</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Massachusetts,
                    Port Authority Revenue, Series B, AMT, 5.5%, 7/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,959,950</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Massachusetts,
                    State Health &amp; Educational Facilities Authority Revenue, Boston Medical
                    Center Project, 5.25%, 7/1/2038</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,385,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,294,929</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">9,189,929</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Michigan
                    2.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,295,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,143,731</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Michigan,
                    Industrial Development Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Prerefunded,
                    5.5%, 6/1/2018 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,425,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,616,149</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Prerefunded,
                    5.75%, 6/1/2016 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,640,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,916,173</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Michigan,
                    State Building Authority Revenue, Facilities Program, Series I, 6.0%,
                    10/15/2038</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">964,970</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">10,641,023</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Minnesota
                    2.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Minneapolis
                    &amp; St. Paul, MN, Airport Revenue, Series B, AMT, 6.0%, 1/1/2012
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,395,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,435,434</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Minneapolis
                    &amp; St. Paul, MN, Port Authority Revenue, Series&nbsp;B, AMT, 5.625%,
                    1/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,434,600</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Minneapolis,
                    MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%,
                    11/15/2032</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,140,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,103,862</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">7,973,896</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Mississippi
                    0.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Warren County,
                    MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%,
                    9/1/2032</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,525,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">1,173,366</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Missouri
                    0.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">365,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">327,077</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Nevada
                    2.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Henderson, NV,
                    Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%,
                    7/1/2031</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">7,528,300</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">New Jersey
                    6.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,090,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">762,313</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,885,250</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New Jersey,
                    Industrial Development Revenue, American&nbsp;Water Co., Inc. Project, Series
                    A, AMT, 6.875%,&nbsp;11/1/2034 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,775,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,902,253</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,400,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,023,526</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,875,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,018,400</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New Jersey,
                    State Transportation Trust Fund Authority, Transportation Systems, Series A,
                    6.0%, 12/15/2038</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,950,680</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,200,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,202,322</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">24,744,744</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">New York
                    8.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Nassau County,
                    NY, Hospital &amp; Healthcare, Prerefunded, 6.0%, 8/1/2015 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,390,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,568,992</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,602,465</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New York,
                    Tobacco Settlement Financing Corp., Series B-1C, 5.5%, 6/1/2019</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">15,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">15,548,980</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New York City,
                    NY, Trust for Cultural Resource Revenue, Lincoln Center for the Performing
                    Arts, Series B-1, 0.5%**, 11/1/2038, US Bank NA (c)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,250,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,250,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New York, NY,
                    General Obligation, Series H-1, 1.25%**, 1/1/2036, Dexia Credit Local
                    (c)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,000,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,180,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,350,404</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">30,320,841</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">North
                    Carolina 2.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Charlotte, NC,
                    Airport Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B, AMT,
                    5.75%, 7/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,480,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,495,227</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B, AMT,
                    5.875%, 7/1/2014 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,140,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,146,304</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">North
                    Carolina, Electric Revenue, Municipal Power Agency:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series C,
                    5.375%, 1/1/2017</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,009,070</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B,
                    6.375%, 1/1/2013</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,100,770</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">North
                    Carolina, Medical Care Commission, Health Care Facilities Revenue, University
                    Health Systems, Series D, 6.25%, 12/1/2033 (b)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,872,260</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">10,623,631</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">North
                    Dakota 1.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Grand Forks,
                    ND, Hospital &amp; Healthcare Revenue, Altru Health Care System, Prerefunded,
                    7.125%, 8/15/2024</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,400,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">3,726,400</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Ohio
                    4.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">19,820,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">13,218,156</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,540,500</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">17,758,656</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-1">Pennsylvania 0.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,570,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">2,491,795</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Rhode
                    Island 0.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Rhode Island,
                    Health &amp; Educational Building Corp., Higher Education Facility Revenue,
                    University of Rhode Island, Series A, 6.25%, 9/15/2034</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">1,920,720</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">South
                    Carolina 4.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,212,495</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series C,
                    Prerefunded, 7.0%, 8/1/2030</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,420,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,294,418</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 7.375%, 12/15/2021</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,240,540</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">South
                    Carolina, Tobacco Settlement Revenue Management&nbsp;Authority:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B,
                    6.0%, 5/15/2022</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,790,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,877,710</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B, ETM,
                    6.375%, 5/15/2030</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,085,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,338,093</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">14,963,256</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">South
                    Dakota 0.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">1,301,775</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Tennessee
                    4.9%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,489,160</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Jackson, TN,
                    Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,228,240</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Memphis-Shelby
                    County, TN, Airport Revenue, Series D, AMT, 6.25%, 3/1/2017 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,690,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,705,758</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Shelby County,
                    TN, Health Educational &amp; Housing Facility Board, Hospital Revenue,
                    Methodist Health Care, Prerefunded, 6.5%, 9/1/2026</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,943,670</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Sullivan
                    County, TN, Health, Educational &amp; Housing Facilities Board, Hospital
                    Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,050,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,360,073</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">18,726,901</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Texas
                    25.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Austin, TX,
                    Sales &amp; Special Tax Revenue, Hotel Occupancy&nbsp;Tax:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Prerefunded,
                    6.0%, 11/15/2015 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,480,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,639,071</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Prerefunded,
                    6.0%, 11/15/2016 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,625,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,790,699</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Brazos River,
                    TX, Pollution Control Revenue, Brazos River Authority, Texas Utilities Electric
                    Co. Project, Series C, AMT, 5.75%, 5/1/2036</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,965,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,084,255</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Harris County,
                    TX, Health Facilities Development Corp., Hospital Revenue, Baylor College of
                    Medicine, Series A2, 0.9%**, 11/15/2047, Bank of America NA (a) (c)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,700,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,700,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Harris County,
                    TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann
                    Healthcare Systems, Series B, 7.25%, 12/1/2035</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,008,120</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Harris County,
                    TX, Hospital &amp; Healthcare Revenue, Health&nbsp;Facilities Development
                    Corp., Memorial Hermann&nbsp;Healthcare Systems, Series A,
                    Prerefunded,&nbsp;6.375%,&nbsp;6/1/2029</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,094,440</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Harris County,
                    TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,010,620</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Houston, TX,
                    Airport Revenue, People Mover Project, Series&nbsp;A, AMT, 5.5%, 7/15/2017
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,300,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,243,141</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Houston, TX,
                    Port Authority Revenue, Airport Revenue, Series A, AMT, 5.875%, 7/1/2014
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,960,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,976,117</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">North Texas,
                    Higher Education Authority, Inc., Student Loan Revenue, Series A, AMT, 1.35%**,
                    12/1/2038, Lloyds TSB Bank PLC (c)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,600,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,600,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">North Texas,
                    Tollway Authority Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">First Tier,
                    Series A, 5.625%, 1/1/2033</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,019,450</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Second Tier,
                    Series F, 5.75%, 1/1/2038</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,425,940</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Red River, TX,
                    Education Finance Revenue Lease, St. Mark's School Project, Prerefunded, 6.0%,
                    8/15/2019</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,390,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,666,776</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,544,480</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Tarrant
                    County, TX, Hospital &amp; Healthcare Revenue, Health&nbsp;Facilities
                    Development Corp., Prerefunded, 6.7%,&nbsp;11/15/2030</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,927,995</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Texas,
                    Dallas/Fort Worth International Airport Revenue, Series A, AMT, 5.875%,
                    11/1/2016 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,416,800</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Texas,
                    Industrial Development Revenue, Waste Disposal Authority, Series A, AMT, 6.1%,
                    8/1/2024</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,395,300</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Texas,
                    Municipal Gas Acquisition &amp; Supply Corp. I, Gas Supply Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B,
                    2.589%***, 12/15/2026</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">12,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,520,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series D,
                    6.25%, 12/15/2026</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,990,250</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Texas, SA
                    Energy Acquisition Public Facility Corp., Gas Supply Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">5.5%,
                    8/1/2021</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,155,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">877,962</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">5.5%,
                    8/1/2025</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,250,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,191,362</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,865,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">11,002,116</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">95,124,894</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Washington
                    4.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Seattle, WA,
                    Airport Revenue, Series B, AMT, 6.0%,&nbsp;2/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,355,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,509,602</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Seattle, WA,
                    Special Assessment Revenue:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B, AMT,
                    5.5%, 9/1/2011 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,085,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,088,342</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series B, AMT,
                    5.75%, 9/1/2013 (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,045,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,043,265</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,464,060</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Washington,
                    State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028
                    (a)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,240,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,810,371</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Washington,
                    State Health Care Facilities Authority Revenue,&nbsp;Virginia Mason Medical
                    Center, Series A, 6.125%, 8/15/2037</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">751,100</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">15,666,740</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">West
                    Virginia 5.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Series A,
                    Prerefunded, 6.75%, 9/1/2022</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,355,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,576,794</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Prerefunded,
                    6.75%, 9/1/2030</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">395,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">432,201</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">West Virginia,
                    Hospital Finance Authority, Charleston Medical Center:</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Prerefunded,
                    6.75%, 9/1/2022</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,645,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,507,456</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_40" align="left"><font color="#000000" size="-2">Prerefunded,
                    6.75%, 9/1/2030</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,605,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,944,519</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,740,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">2,728,656</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">20,189,626</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_55" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Wisconsin
                    2.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,635,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,453,504</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" 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_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,000,000</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,551,780</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_24" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">8,005,284</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_22" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2"><b>Total
                    Municipal Bonds and Notes</b> (Cost $555,449,144)</font></p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">544,481,576</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_54" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#0091ff">Municipal Inverse
                    Floating Rate Notes (d) 71.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">California
                    5.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">California,
                    San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%,
                    4/1/2031 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,165,316</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series
                    1962-5, 144A, 12.674%, 4/1/2031, Leverage Factor at purchase date: 3 to
                    1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">California,
                    State General Obligation, 5.0%, 6/1/2023 (a) (e<i>)</i></font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,794,050</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    California, State General Obligations, Series 1932, 144A, 8.96%, 6/1/2023,
                    Leverage Factor at purchase date:&nbsp;4 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_73" valign="bottom" align="left" colspan="2">
                <i><font color="#000000" size="-2">&nbsp;</font></i> <br>
                </td>

                <td class="CLASS_39" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">18,959,366</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Florida
                    15.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Aviation Revenue, Miami International Airport, Series A, AMT,
                    5.25%,&nbsp;10/1/2033&nbsp;(a)&nbsp;(e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">34,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">26,721,280</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Miami-Dade County, FL, Port, Airport &amp; Marina Improvements, Series
                    2008-1144, 144A, AMT, 8.93%, 10/1/2033, Leverage Factor at purchase date: 2 to
                    1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Transit Sales Surtax Revenue, 5.0%,&nbsp;7/1/2023 (a)
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,740,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,432,862</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Transit Sales Surtax Revenue, 5.0%,&nbsp;7/1/2024 (a)
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,915,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,593,491</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Transit Sales Surtax Revenue, 5.0%,&nbsp;7/1/2025 (a)
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,122,500</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,783,950</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Transit Sales Surtax Revenue, 5.0%,&nbsp;7/1/2026 (a)
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,317,500</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3,962,937</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Miami-Dade
                    County, FL, Transit Sales Surtax Revenue, 5.0%,&nbsp;7/1/2032 (a)
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">16,470,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">15,117,444</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 8.711%,
                    7/1/2023, Leverage Factor at purchase date: 2 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_73" valign="bottom" align="left" colspan="2">
                <i><font color="#000000" size="-2">&nbsp;</font></i> <br>
                </td>

                <td class="CLASS_39" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">56,611,964</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Illinois
                    1.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Aurora, IL,
                    Single Family Mortgage Revenue, Series C, AMT, 5.5%, 6/1/2045 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">6,754,831</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">5,804,552</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Aurora, IL, Single Family Mortgage Revenue, Puttable Floating Option Tax Exempt
                    Receipts, RITES-PA-1499, 144A, AMT, 13.452%, 6/1/2045, Leverage Factor at
                    purchase date: 3.2 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-1">Massachusetts 5.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Massachusetts,
                    State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">18,250,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">17,284,744</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Massachusetts,
                    State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2037 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,735,546</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Massachusetts, State Pollution Control, Water Utility Improvements, Series
                    3159, 144A, 12.073%, 8/1/2032, Leverage Factor at purchase date: 3 to
                    1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_98" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_39" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">22,020,290</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Nevada
                    7.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Clark County,
                    NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,447,355</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8,898,494</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Clark County,
                    NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,919,723</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,343,419</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Clark County,
                    NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2030 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,627,878</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,068,529</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Clark County, NV, Series 3158, 144A, 12.015%, 6/1/2028, Leverage Factor at
                    purchase date: 3 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_98" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_39" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">27,310,442</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">New York
                    19.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" 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 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">5,425,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4,986,010</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" 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 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8,080,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,426,167</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust: New
                    York, State Dormitory Authority Revenues, Series 3169, 144A, 11.892%, 7/1/2015,
                    Leverage Factor at purchase date: 3 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New York,
                    State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%,
                    3/15/2026 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">13,500,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">13,103,640</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust: New
                    York, State Dormitory Authority Revenue, Series 2008-1189, 144A, 8.76%,
                    3/15/2026, Leverage Factor at purchase date: 2 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New York,
                    State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%,
                    3/15/2026 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2"><a id="OLE_LINK2" name="OLE_LINK2"></a>10,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,706,253</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust: New
                    York, State Dormitory Authority Revenue, Series 3160, 144A, 12.075%, 3/15/2026,
                    Leverage Factor at purchase date: 3 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New York,
                    State Dormitory Authority, State Personal Income Tax Revenues, Series A, 5.0%,
                    3/15/2024 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">9,862,700</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust: New
                    York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-3,
                    144A, 16.46%, 3/15/2024, Leverage Factor at purchase date: 4 to
                    1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New York,
                    Triborough Bridge &amp; Tunnel Authority Revenues, Series C, 5.0%, 11/15/2033
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">12,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,992,900</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust: New
                    York, Triborough Bridge &amp; Tunnel Authority Revenues, Series 2008-1188,
                    144A, 8.76%, 11/15/2033, Leverage Factor at purchase date: 2 to
                    1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">New York City,
                    NY, Transitional Finance Authority Revenue, Series C-1, 5.0%, 11/1/2027
                    (e<i>)</i></font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">17,560,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">17,119,157</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust: New
                    York City, NY, Series 2008-1190, 144A, 8.76%, 11/1/2027, Leverage Factor at
                    purchase date: 2 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_73" valign="bottom" align="left" colspan="2">
                <i><font color="#000000" size="-2">&nbsp;</font></i> <br>
                </td>

                <td class="CLASS_39" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">73,196,827</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-1">Pennsylvania 2.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Pennsylvania,
                    State General Obligation, Second Series, 5.0%, 1/1/2025 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">9,981,100</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Pennsylvania, State General Obligation, Public Transit Improvements, Series
                    2008-1146, 144A, 8.71%, 1/1/2025, Leverage Factor at purchase date: 2 to
                    1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Tennessee
                    8.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Nashville
                    &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,756,695</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,617,676</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-3,
                    144A, 16.065%, 1/1/2027, Leverage Factor at purchase date: 4 to
                    1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Nashville
                    &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,200,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,118,655</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-2,
                    144A, 16.07%, 1/1/2026, Leverage Factor at purchase date: 4 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Nashville
                    &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,564,925</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,335,826</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-4,
                    144A, 16.077%, 1/1/2028, Leverage Factor at purchase date: 4 to
                    1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_73" valign="bottom" align="left" colspan="2">
                <i><font color="#000000" size="-2">&nbsp;</font></i> <br>
                </td>

                <td class="CLASS_39" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">31,072,157</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Texas
                    2.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Texas, State
                    General Obligation, Transportation Commission Mobility Fund, 5.0%, 4/1/2025
                    (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">9,856,800</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Texas, State Highway &amp; Transit Improvements, Series 2008-1147, 144A, 8.71%,
                    4/1/2025, Leverage Factor at purchase date: 2 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_53" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Virginia
                    4.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Virginia,
                    State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8,190,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8,120,298</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Virginia,
                    State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (e)</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,630,000</font></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7,565,063</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_14" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><i><font color="#000000" size="-2">Trust:
                    Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A,
                    5.885%, 10/1/2027, Leverage Factor at purchase date: 2.5 to 1</font></i></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_99" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_23" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_98" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_39" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">15,685,361</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_22" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2"><b>Total
                    Municipal Inverse Floating Rate Notes</b> (Cost $296,811,864)</font></p>
                </td>

                <td class="CLASS_35" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <b><font color="#000000" size="-2">270,498,859</font></b></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_6" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">% of Net
                    Assets</font></b></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">Value
                    ($)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_97" valign="bottom" align="right" colspan="2">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2"><b>Total
                    Investment Portfolio</b> (Cost&nbsp;$852,261,008)<sup>+</sup></font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">215.1</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">814,980,435</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Other
                    Assets and Liabilities, Net</font></b></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(45.2)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">(170,998,224)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_21" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Preferred
                    Shares, at Redemption Value</font></b></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(69.9)</font></p>
                </td>

                <td class="CLASS_36" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">(265,000,000)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_133" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net Assets
                    Applicable to Common Shareholders</font></b></p>
                </td>

                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">100.0</font></p>
                </td>

                <td class="CLASS_35" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">378,982,211</font></b></p>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2">*</font> <i><font color="#000000" size="-2">Non-income
        producing security. In the case of a bond, generally denotes that the issuer has defaulted
        on the payment of principal or interest. The following table represents bonds that are in
        default:</font></i><br>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_132" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">Security</font></b></p>
                </td>

                <td class="CLASS_87" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">Coupon</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Maturity
                    Date</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Principal
                    Amount ($)</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">Acquisition Cost&nbsp;($)</font></b></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Value
                    ($)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_72" valign="bottom" align="left">
                <font color="#000000" size="-2">Green Springs, OH, Senior Care Revenue, St. Francis
                Health Care Center Project, Series A</font><br>
                </td>

                <td class="CLASS_93" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7.125%</font></p>
                </td>

                <td class="CLASS_34" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">5/15/2025</font></p>
                </td>

                <td class="CLASS_34" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">6,000,000</font></p>
                </td>

                <td class="CLASS_34" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5,917,429</font></p>
                </td>

                <td class="CLASS_34" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">4,540,500</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, 2008.</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, 2008.</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 $851,847,551. At November 30, 2008, net unrealized
        depreciation for all securities based on tax cost was $36,867,116. This consisted of
        aggregate gross unrealized appreciation for all securities in which there was an excess of
        value over tax cost of $18,307,119 and aggregate gross unrealized depreciation for all
        securities in which there was an excess of tax cost over value of
        $55,174,235.</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_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_131" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Insurance
                    Coverage</font></b></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="right">
                    <p class="CLASS_17" 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, Inc.</font><br>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">8.1</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_71" valign="bottom" align="left">
                <font color="#000000" size="-2">Assured Guaranty Corp.</font><br>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">4.1</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_71" valign="bottom" align="left">
                <font color="#000000" size="-2">Financial Guaranty Insurance Co.</font><br>
                </td>

                <td class="CLASS_96" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">7.2</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_96" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">13.6</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_96" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">3.6</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_96" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">
                    <font color="#000000" size="-2">0.5</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
        incorporates a letter of credit from the bank listed.</font></i><br>
        <font color="#000000" size="-2">(d)</font> <i><font color="#000000" size="-2">Securities
        represent the underlying municipal obligations of inverse floating rate obligations held by
        the Fund.</font></i><br>
        <font color="#000000" size="-2">(e)</font> <i><font color="#000000" size="-2">Security
        forms part of the below tender option bond trust. Principal Amount and Value shown take
        into account the leverage factor.</font></i><br>

        <p class="CLASS_37" 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_37" align="left"><i><font color="#000000" size="-2">AMT: Subject to
        alternative minimum tax</font></i></p>

        <p class="CLASS_37" 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_37" 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_37" align="left"><i><font color="#000000" size="-2">RITES: Residual
        Interest Tax Exempt Security.</font></i></p>

        <p class="CLASS_37" align="left"><b><i><font color="#000000" size="-2">Fair Value
        Measurements</font></i></b></p>

        <p class="CLASS_37" align="left"><i><font color="#000000" size="-2">Financial Accounting
        Standards Board Statement of Financial Accounting Standards No. 157, Fair Value
        Measurements, establishes a three-tier hierarchy for measuring fair value and requires
        additional disclosure about the classification of fair value measurements.</font></i></p>

        <p class="CLASS_37" align="left"><i><font color="#000000" size="-2">Various inputs are used
        in determining the value of the Fund's investments. These inputs are summarized in three
        broad levels. Level 1 includes quoted prices in active markets for identical securities.
        Level 2 includes other significant observable inputs (including quoted prices for similar
        securities, interest rates, prepayment speeds and credit risk). Level&nbsp;3 includes
        significant unobservable inputs (including the Fund's own assumptions in determining the
        fair value of investments). The inputs or methodology used for valuing securities are not
        necessarily an indication of the risk associated with investing in those
        securities.</font></i></p>

        <p class="CLASS_37" align="left"><i><font color="#000000" size="-2">The following is a
        summary of the inputs used as of November 30, 2008 in valuing the Fund's investments. For
        information on the Fund's policy regarding the valuation of investments, please refer to
        the Security Valuation section of Note A in the accompanying Notes to the Financial
        Statements.</font></i></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_130" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Valuation
                    Inputs</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">Investments in Securities</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_70" valign="bottom" align="left">
                <font color="#000000" size="-2">Level 1</font><br>
                </td>

                <td class="CLASS_109" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    &mdash;</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_70" valign="bottom" align="left">
                <font color="#000000" size="-2">Level 2</font><br>
                </td>

                <td class="CLASS_109" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">814,980,435</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_70" valign="bottom" align="left">
                <font color="#000000" size="-2">Level 3</font><br>
                </td>

                <td class="CLASS_109" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_129" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">Total</font></b></p>
                </td>

                <td class="CLASS_33" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    814,980,435</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" 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_143" id="mit.html.24" align="left">
        <b><font color="#0091ff" size="+1"><a id="fins" name="fins"></a>Financial
        Statements</font></b></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Statement
                    of Assets and Liabilities</font></b> <font color="#000000" size="-2">as of
                    November 30, 2008</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">Assets</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Investments in securities, at value
                (cost&nbsp;$852,261,008)</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    814,980,435</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Cash</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">147,949</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Receivable for investments sold</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">35,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Interest receivable</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">13,325,983</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Other assets</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">6,254</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Total assets</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">828,495,621</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">Liabilities</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_20" align="left"><font color="#000000" size="-2">Payable for
                    investments purchased &mdash; when-issued securities</font></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">8,946,338</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Payable for floating rate notes issued</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">174,726,407</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Distributions payable</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">101,651</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Accrued management fee</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">297,899</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Other accrued expenses and payables</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">441,115</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Total liabilities</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">184,513,410</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Remarketed
                    preferred shares, at redemption value</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">265,000,000</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net assets
                    applicable to common shareholders</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    378,982,211</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net Assets
                    Applicable to Common Shareholders Consist of</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Undistributed net investment income</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">4,041,558</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Net unrealized appreciation (depreciation) on
                investments</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(37,280,573)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Accumulated net realized gain (loss)</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(11,627,724)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Paid-in capital</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">423,848,950</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net assets
                    applicable to common shareholders</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    378,982,211</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net Asset
                    Value</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2"><b>Net Asset Value</b> per common share
                ($378,982,211&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_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    9.72</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" 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_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Statement
                    of Operations</font></b> <font color="#000000" size="-2">for the year ended
                    November 30, 2008</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Investment
                    Income</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Income:</font><br>
                <font color="#000000" size="-2">Interest</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    44,416,734</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" 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_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">3,873,395</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Services to shareholders</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">106,266</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Custodian fee</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">23,128</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Professional fees</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">110,609</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Trustees' fees and expenses</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">59,571</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Reports to shareholders</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">90,993</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Remarketing agent fee</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">668,953</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Stock exchange listing fees</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">34,770</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Interest expense and fees on floating rate
                notes</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">3,872,722</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Other</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">140,316</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Total expenses before expense reductions</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">8,980,723</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Expense reductions</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(44,901)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Total expenses after expense reductions</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">8,935,822</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net
                    investment income</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">35,480,912</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Realized
                    and Unrealized Gain (Loss)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Net realized gain (loss) from
                investments</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(8,125,751)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Change in net unrealized appreciation
                (depreciation) on investments</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(75,553,462)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net gain
                    (loss)</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">(83,679,213)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Dividends
                    on remarketed preferred shares</font></b></p>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">(9,247,575)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net
                    increase (decrease) in net assets resulting from operations</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    (57,445,876)</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" id="mit.html.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_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" 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, 2008</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Increase
                    (decrease) in cash:</font></b></p>

                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Cash Flows
                    from Operating Activities</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Net increase (decrease) in net assets resulting
                from operations (excluding dividends on remarketed preferred shares)</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    (48,198,301)</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_128" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Adjustments
                    to reconcile net increase (decrease) in net assets resulting from operations to
                    net cash provided by operating&nbsp;activities:</font></b></p>
                </td>

                <td class="CLASS_85" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Purchases of long-term investments</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(1,090,515,429)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Net amortization/accretion of premium
                (discount)</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(253,002)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Proceeds from sales and maturities of long-term
                investments</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">975,577,861</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">(Increase) decrease in interest
                receivable</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(776,179)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">(Increase) decrease in other assets</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(6,254)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">(Increase) decrease in receivable for investments
                sold</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">65,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Increase (decrease) in payable for investments
                purchased</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">7,533,480</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Increase (decrease) in accrued expenses and
                payables</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(107,100)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Change in net unrealized (appreciation)
                depreciation on investments</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">75,553,462</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Net realized (gain) loss from
                investments</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">8,125,751</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Cash
                    provided (used) by operating activities</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">(73,000,711)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Cash Flows
                    from Financing Activities</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Distributions paid</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(32,549,461)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Increase (decrease) in payable for floating rate
                notes issued</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">105,642,907</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Cash
                    provided (used) for financing activities</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">73,093,446</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                <font color="#000000" size="-2">Increase (decrease) in cash</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">92,735</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Cash at beginning of period</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">55,214</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_19" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Cash at end
                    of period</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    147,949</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" 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>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Statement
                    of Changes in Net Assets</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_127" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_84" valign="bottom" align="center" colspan="2">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Years
                    Ended November 30,</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_126" valign="bottom" align="left">
                    <p class="CLASS_17" 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">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2008</font></b></p>
                </td>

                <td class="CLASS_83" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2007</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <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_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    35,480,912</font></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    33,306,902</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Net realized gain (loss)</font> <br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(8,125,751)</font></p>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(768,584)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Change in net unrealized appreciation
                (depreciation)</font> <br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(75,553,462)</font></p>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(14,725,086)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Dividends on remarketed preferred shares</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(9,247,575)</font></p>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(10,526,572)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <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_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(57,445,876)</font></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">7,286,660</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <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_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(22,905,754)</font></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(22,448,581)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Fund share and paid-in capital
                transactions:</font><br>
                <font color="#000000" size="-2">Reimbursement by Advisor (see Note F)</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">175,116</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_69" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Increase
                    (decrease) in net assets</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(80,351,630)</font></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(14,986,805)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Net assets at beginning of period</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">459,333,841</font></p>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">474,320,646</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_69" valign="bottom" align="left">
                <font color="#000000" size="-2">Net assets at end of period (including
                undistributed net investment income of $4,041,558 and $61,847,
                respectively)</font><br>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    378,982,211</font></b></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    459,333,841</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Other
                    Information</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <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_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">38,973,231</font></p>
                </td>

                <td class="CLASS_31" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">38,973,231</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Common shares outstanding at end of
                period</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">38,973,231</font></p>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">38,973,231</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_37" id="mit.html.27" 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_143" id="mit.html.28" align="left">
        <b><font color="#0091ff" size="+1"><a id="high" name="high"></a>Financial
        Highlights</font></b></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_123" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Years Ended
                    November 30,</font></b></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2008</font></b></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2007</font></b></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2006</font></b></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2005</font></b></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2004</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="6">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Selected
                    Per Share Data</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_125" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net asset
                    value, beginning of period</font></b></p>
                </td>

                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    11.79</font></b></p>
                </td>

                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.17</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.14</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.42</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.59</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Income
                    (loss) from investment operations:</font></i></p>

                    <p class="CLASS_15" align="left"><font color="#000000" size="-2">Net investment
                    income<sup>a</sup></font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.91</font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.85</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.86</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.87</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.89</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><font color="#000000" size="-2">Net realized
                    and unrealized gain (loss)</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(2.15)</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.38)</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.03</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.17)</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.16)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Dividends
                    on remarketed preferred shares (common share equivalent):</font></i></p>

                    <p class="CLASS_15" align="left"><font color="#000000" size="-2">From net
                    investment income</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.24)</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.27)</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.24)</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.17)</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.09)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_15" align="left"><b><font color="#000000" size="-2">Total from
                    investment operations</font></b></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(1.48)</font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.20</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.65</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.53</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.64</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Less
                    distributions from:</font></i></p>

                    <p class="CLASS_15" align="left"><font color="#000000" size="-2">Net investment
                    income</font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.59)</font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.58)</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.62)</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.81)</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(.81)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_16" valign="bottom" align="left">
                <font color="#000000" size="-2">Reimbursement by Advisor</font><br>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">.00<sup>*</sup></font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">&mdash;</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_125" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net asset
                    value, end of period</font></b></p>
                </td>

                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    9.72</font></b></p>
                </td>

                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    11.79</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.17</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.14</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.42</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_125" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Market
                    value, end of period</font></b></p>
                </td>

                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    8.26</font></b></p>
                </td>

                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    10.43</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    10.98</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.40</font></b></p>
                </td>

                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$
                    12.03</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="6">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Total
                    Return</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_16" valign="bottom" align="left">
                <font color="#000000" size="-2">Based on net asset
                value&nbsp;(%)<sup>b</sup></font><br>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(12.55)<sup>f</sup></font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">2.04<sup>c,f</sup></font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5.88<sup>f</sup></font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">4.45</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5.50</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_16" valign="bottom" align="left">
                <font color="#000000" size="-2">Based on market
                value&nbsp;(%)<sup>b</sup></font><br>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(16.00)</font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.06</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">(6.47)</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">10.15</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">7.57</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_124" valign="bottom" align="left" colspan="6">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Ratios to
                    Average Net Assets and Supplemental Data</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_16" valign="bottom" align="left">
                <font color="#000000" size="-2">Net assets, end of period
                ($&nbsp;millions)</font><br>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">379</font></p>
                </td>

                <td class="CLASS_108" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">459</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">474</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">472</font></p>
                </td>

                <td class="CLASS_107" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">482</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses before fee reductions&nbsp;(%)
                (based on net assets of&nbsp;common shares, including interest
                expense)<sup>d</sup></font><br>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">2.04</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.39</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.06</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses after fee reductions&nbsp;(%)
                (based on net assets of&nbsp;common shares, including interest
                expense)<sup>d</sup></font><br>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">2.03</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.38</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.09</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.06</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" valign="bottom" align="left">
                <font color="#000000" size="-2">Ratio of expenses after fee reductions&nbsp;(%)
                (based on net assets of&nbsp;common shares, excluding interest expense)</font><br>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.15</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.09</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.06</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" 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_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.28</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.88</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.71</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.71</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_6" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_123" valign="bottom" align="left">
                    <p class="CLASS_17" 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_82" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2008</font></b></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2007</font></b></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2006</font></b></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2005</font></b></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2004</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" 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_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">1.27</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.88</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.70</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.71</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" 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_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.72</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.70</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.70</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.71</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.68</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" 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_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">8.08</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">7.19</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">7.13</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">7.00</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">7.15</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" 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_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5.04</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">4.57</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">4.55</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">4.52</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">4.62</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" valign="bottom" align="left">
                <font color="#000000" size="-2">Portfolio turnover rate&nbsp;(%)</font><br>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">119</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">57</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">33</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">16</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">25</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" 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_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" valign="bottom" align="left">
                <font color="#000000" size="-2">Asset coverage per
                share&nbsp;($)<sup>e</sup></font><br>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">12,151</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">13,667</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">13,949</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">13,912</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">14,097</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_18" valign="bottom" align="left">
                <font color="#000000" size="-2">Liquidation and market value
                per&nbsp;share&nbsp;($)</font><br>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_106" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_105" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">5,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_10">
                <td class="CLASS_114" valign="bottom" align="left" colspan="6">
                <font color="#000000" size="-2">a</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_143" id="mit.html.30" 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 one or more
        broker dealers. Such services may use various pricing techniques which take into account
        appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading
        characteristics and other data, as well as broker quotes.</font></p>

        <p 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">The Fund adopted Financial
        Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157,
        Fair Value Measurements, effective at the beginning of the Fund's fiscal year. Disclosure
        about the classification of fair value measurements is included at the end of the Fund's
        Investment Portfolio.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000"><b><font size="-1">New Accounting
        Pronouncement.</font></b> In March 2008, the FASB issued Statement of Financial Accounting
        Standards No. 161 ("FAS 161"), "Disclosures about Derivative Instruments and Hedging
        Activities". FAS&nbsp;161 requires enhanced disclosure about an entity's derivative and
        hedging activities including qualitative disclosures about the objectives and strategies
        for using derivatives, quantitative disclosures about fair value amounts of gains and
        losses on derivative instruments, and disclosures about credit-risk-related contingent
        features in derivative agreements. FAS 161 is effective for fiscal years and interim
        periods beginning after November 15, 2008. Management is currently reviewing the enhanced
        disclosure requirements for the adoption of FAS 161.</font></p>

        <p class="CLASS_48" id="mit.html.31" 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" 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">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 broker, consisting of underlying municipal
        obligations with intermediate to long maturities and a fixed interest rate ("underlying
        bond"). 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 underlying bond in its investment portfolio
        and a corresponding liability in the statement of assets and liabilities equal to the
        floating rate note issued. When a trust is terminated and/or collapsed by either party, the
        related fixed rate securities held by the trust are delivered back to the Fund where they
        are either held or sold, and the related liability of the floating rate note issued is
        adjusted. 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 year ended November
        30, 2008 was approximately $136,833,000, with a weighted average interest rate of
        2.83%.</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.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">At November 30, 2008, the Fund had a
        net tax basis capital loss carryforward of approximately $9,605,000, which may be applied
        against any realized net taxable capital gains of each succeeding year until fully utilized
        or until November 30, 2010 ($1,323,000), November 30, 2014 ($912,000) and November&nbsp;30,
        2016 ($7,370,000), the respective expiration dates, whichever occurs first. During the year
        ended November&nbsp;30, 2008, the Fund lost, through expiration, $3,602,000 of prior year
        capital loss carryforward.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">In addition, from November 1, 2008
        through November 30, 2008, the Fund incurred approximately $2,191,000 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 ended November 30, 2009.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">The Fund has reviewed the tax
        positions for the open tax years as of November 30, 2008 and has determined that no
        provision for income tax is required in the Fund's financial statements. The Fund's federal
        tax returns for the prior three fiscal years remain subject to examination by the Internal
        Revenue Service.</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" 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, 2008, the Fund's
        components of distributable earnings (accumulated losses) on a tax-basis were as
        follows:</font></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_3">
                <td class="CLASS_68" valign="bottom" align="left">
                <font color="#000000" size="-2">Undistributed tax-exempt income</font><br>
                </td>

                <td class="CLASS_83" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    3,352,238</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Undistributed Taxable Income</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">
                    <font color="#000000" size="-2">823,914</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Capital loss carryforwards</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    (9,605,000)</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_67" valign="bottom" align="left">
                <font color="#000000" size="-2">Net unrealized appreciation (depreciation) on
                investments</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    (36,867,116)</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_48" id="mit.html.33" 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_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_122" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_80" valign="bottom" align="center" colspan="2">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Years
                    Ended November 30,</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_122" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2008</font></b></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">
                    <b><font color="#000000" size="-2">2007</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_66" valign="bottom" align="left">
                <font color="#000000" size="-2">Distributions from tax-exempt income</font><br>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    32,153,329</font></p>
                </td>

                <td class="CLASS_32" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$
                    32,975,153</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 ("Remarketed Preferred Shares"), each at a liquidation value of $5,000 per share.
        The Remarketed Preferred Shares are senior to and have certain class specific preferences
        over the common shares. The dividend rate on each series of Remarketed Preferred Shares is
        set through a remarketing process, and the dividends are generally paid every seven days
        (prior to March 18, 2008, dividends were paid every 28 days). The remarketing agent
        receives an annualized fee from the Fund of 0.25% times the liquidation value of the Fund's
        Remarketed Preferred Shares (remarketing agent fee) and is responsible for the payment of
        any commissions to broker-dealers participating in the remarketing process based on shares
        sold. Currently, the remarketing agent is the only participating broker-dealer. When
        remarketing the Remarketed Preferred Shares, the remarketing agent canvasses the Remarketed
        Preferred Shares market and may receive indications of dividend preferences from Remarketed
        Preferred Shares investors. Based on its assessment of the demand for the Remarketed
        Preferred Shares as well as other factors, including interest rates and general industry
        and financial conditions, the remarketing agent determines a non-binding dividend rate for
        the next dividend period. The remarketing agent then receives buy, tender and hold orders
        from existing and potential holders. The remarketing agent sets the final dividend rate at
        the lowest available that would enable the remarketing agent to remarket all of the shares
        tendered at the Remarketed Preferred Shares liquidation preference of $5,000 per share. For
        remarketing to be successful, the number of shares bid must meet or exceed the number of
        shares being offered for sale. Recent remarketings have failed because there were not
        enough bids to cover the shares for sale. If a remarketing fails, the Remarketed Preferred
        Shares' dividend rate adjusts to a "maximum rate," which, based on current Remarketed
        Preferred Share ratings (AAA as of November 30, 2008), is determined to be the maximum
        rate, initially 110% of the Commercial Paper Rate (generally defined as the 60-day AA/Aa
        commercial paper rate). The maximum rate increases to 125% of the Commercial Paper Rate on
        the seventh day after such determination. In addition, existing Remarketed Preferred
        Shareholders that submit sell orders in a failed remarketing may not be able to sell any or
        all of the shares for which they have submitted sell orders. Remarketed Preferred
        Shareholders may sell their shares at the next scheduled remarketing, subject to the same
        risk that the subsequent remarketing will not attract sufficient demand for a successful
        remarketing to occur. The next succeeding dividend period following the remarketing failure
        automatically adjusts to a 7-day period, which continues until the next successful
        remarketing. Broker-dealers may also try to facilitate secondary trading in the Remarketed
        Preferred Shares, although such secondary trading may be limited and may only be available
        for shareholders willing to sell at a discount.</font></p>

        <p class="CLASS_48" id="mit.html.34" align="left"><font color="#000000">During the year
        ended November 30, 2008, the dividend rates ranged from 1.681% to 4.900% for Series A,
        1.681% to 5.100% for Series B, 1.681% to 4.900% for Series C, 1.681% to 4.750% for Series D
        and 1.681% to 5.000% for Series E. The 1940 Act requires that the Remarketed 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 Remarketed Preferred Shares are unpaid for two full years. Unless
        otherwise required by law or under the terms of the Remarketed Preferred Shares designation
        statement, each Remarketed Preferred Shareholder is entitled to one vote and Remarketed
        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">Since February 2008, the Fund, like
        many other closed-end funds throughout the industry, has experienced failed remarketings on
        its Remarketed Preferred Shares. Recent remarketings have failed because there were not
        enough bids to cover the shares for sale, indicating a lack of liquidity in the market.
        While repeated remarketing fails have affected the liquidity for the Remarketed Preferred
        Shares, a failed remarketing does not represent a default or loss of capital of the Fund's
        Remarketed Preferred Shares and the Remarketed Preferred Shareholders have continued to
        receive dividends at the previously defined "maximum rate". As of November 30, 2008, the
        Remarketed Preferred Shares of the Fund continue to be AAA rated by its respective rating
        agencies. Prolonged remarketing failures may increase the cost of leverage to the Fund.
        DWS&nbsp;continues to evaluate alternatives for restructuring the leverage of the
        Fund.</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 cash
        amount shown in the Statement of Cash Flows represents the cash position at the Fund's
        custodian bank at November 30, 2008. Previously, the Fund has utilized the direct method
        for presentation of its Statement of Cash Flows. The Fund has changed its presentation to
        the indirect method, which it believes provides a useful format and conforms to more common
        industry practice.</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_50" id="mit.html.35" 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,
        2008, purchases and sales of investment securities (excluding short-term investments)
        aggregated $1,090,515,429 and $975,577,861, respectively.</font></p>

        <p class="CLASS_50" 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 total 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 Investments Service Company ("DISC"), 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 DISC and DST Systems, Inc. ("DST"),
        DISC has delegated certain transfer agent, dividend-paying agent and shareholder service
        agent functions to DST. DISC compensates DST out of the shareholder servicing fee it
        receives from the Fund. For the year ended November 30, 2008, the amount charged&nbsp;to
        the Fund by DISC aggregated $86,099, of which $25,317 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, 2008, the amount charged to the Fund by DIMA included in the Statement
        of Operations under "reports to shareholders" aggregated $8,874, all of which was
        paid.</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 and Vice Chairperson.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">In connection with the board
        consolidation on April 1, 2008, of the two DWS Funds Boards of Trustees, certain
        Independent Board Members retired prior to their normal retirement date, and received a
        one-time retirement benefit. DIMA has agreed to reimburse the Funds for the cost of this
        benefit. During the period ended November 30, 2008, the Fund paid its allocated portion of
        the retirement benefit of $35,866 to the non-continuing Independent Board Members, and the
        Fund was reimbursed by DIMA for this payment.</font></p>

        <p class="CLASS_48" id="mit.html.36" 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, 2008, the amount charged to
        the Fund by Deutsche Bank Trust Company Americas aggregated $24,888, all of which is
        unpaid.</font></p>

        <p class="CLASS_50" 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,
        2008, the Advisor agreed to reimburse the Fund $737, which represents a portion of the
        expected fee savings for the Advisor through December 31, 2007, related to the outsourcing
        by the Advisor of certain administrative services to an unaffiliated service
        provider.</font></p>

        <p class="CLASS_48" 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, 2008, the Fund's custodian fee was reduced by
        $4,534 and $3,764, respectively, for custodian and transfer agent credits
        earned.</font></p>

        <p class="CLASS_50" 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 $490&nbsp;million revolving credit facility provided by a
        syndication of banks. The Fund may borrow for temporary or emergency purposes, including
        the meeting of redemption requests that otherwise might require the untimely disposition of
        securities. The Participants are charged an annual commitment fee which is allocated based
        on 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_50" 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_143" id="mit.html.37" 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_10" 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, 2008, and the related statements 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, 2008, by correspondence with the custodian and brokers
        or by other appropriate auditing procedures where replies from brokers 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&nbsp;Municipal Income Trust at November 30, 2008,
        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_6" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_49" valign="top" align="left">
                    <p class="CLASS_48" align="left"><font color="#000000">Boston,
                    Massachusetts<br>
                    January 20, 2009</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_143" id="mit.html.38" 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_10" align="left"><font color="#000000">Of the dividends paid from net
        investment income for the taxable year ended November 30, 2008, 100% are designated as
        exempt-interest dividends for federal income tax purposes.</font></p>

        <p class="CLASS_10" 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_143" align="left">
        <b><a id="other" name="other"></a><font color="#0091ff" size="+1">Other
        Information</font></b></p>

        <p class="CLASS_10" align="left">
        <b><font color="#000000" size="-1">Certifications</font></b></p>

        <p class="CLASS_10" align="left"><font color="#000000">The fund's chief executive officer
        has certified to the New York Stock Exchange that, as of June 16, 2008, 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_143" id="mit.html.39" align="left">
        <b><font color="#0091ff" size="+1"><a id="drp" name="drp"></a>Dividend Reinvestment
        Plan</font></b></p>

        <p class="CLASS_48" align="left"><font color="#000000">A summary of the Fund's Dividend
        Reinvestment Plan (the "Plan") is set forth below. Shareholders may obtain a copy of the
        entire Plan by visiting the Fund's Web site at www.dws-investments.com or by writing or
        calling DWS Investment Service Company ("DISC") at:</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">P.O. Box 219066<br>
        Kansas City, Missouri 64121-9066<br>
        (800) 294-4366</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">If you wish to participate in the
        Plan and your shares are held in your own name, simply contact DISC for the appropriate
        form. If your shares are held in the name of a broker or other nominee, you should contact
        the broker or nominee in whose name your shares are held to determine whether and how you
        may participate in the Plan. The Fund's transfer agent and dividend disbursing agent (the
        "Transfer Agent") will establish a&nbsp;Dividend Investment Account (the "Account") for
        each shareholder participating in the Plan. The Transfer Agent will credit to the Account
        of each participant any cash dividends and capital gains distributions (collectively,
        "Distributions") paid on shares of the Fund (the "Shares"). Shares in a participant's
        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&nbsp;the participant.</font></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, funds credited to a participant's Account will be used to purchase Shares (the
        "Purchase"). The Plan Agent (currently Computershare Inc.) 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 the
        Plan Agent is unable to acquire sufficient Shares to satisfy the Distribution by the close
        of business on the Payment Date, the Fund will issue to the Plan Agent, Shares valued at
        net asset value per Share 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. 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_48" align="left"><font color="#000000">The cost of Shares acquired for each
        participant's Account in connection with a Purchase shall be determined by the average cost
        per Share, including brokerage commissions, of the Shares acquired in connection with that
        Purchase. 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 open market purchases. 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&nbsp;transactions, as the Plan Agent
        will be purchasing Shares for all participants in blocks and prorating the lower commission
        thus attainable.</font></p>

        <p class="CLASS_48" id="mit.html.40" align="left"><font color="#000000">A participant may
        from time to time make voluntary cash contributions to his Account in a minimum amount of
        $100 (no more than $500 may be contributed per month). Participants making voluntary cash
        investments will be charged a $0.75 service fee for each such investment and will be
        responsible for their pro rata share of brokerage commissions. Please contact DISC for more
        information on voluntary cash contributions.</font></p>

        <p class="CLASS_48" align="left"><font color="#000000">The Fund reserves the right to amend
        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&nbsp;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 Plan may be terminated by the Fund.</font></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. A notice of withdrawal will
        be effective for&nbsp;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 by the Fund, 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 the Plan Agent 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_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>

        <p class="CLASS_143" 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_10" align="left"><font color="#000000">The Board of Trustees, including the
        Independent Trustees, approved the renewal of your Fund's investment management agreement
        (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in
        September&nbsp;2008.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000">In terms of the process that the
        Board followed prior to approving the Agreement, shareholders should know that:</font></p>

        <p class="CLASS_13" align="left"><font color="#000000"><font size="-2">&bull;</font> At the
        present time, all but one of your Fund's Trustees are independent of DIMA and its
        affiliates.</font></p>

        <p class="CLASS_13" align="left"><font color="#000000"><font size="-2">&bull;</font> The
        Trustees meet frequently to discuss fund matters. Each year, the Trustees dedicate part or
        all of several meetings to contract review matters. Over the course of several months, the
        Board's Contract Committee, in coordination with the Board's Fixed Income and Quant
        Oversight Committee, reviewed comprehensive materials received from DIMA, independent third
        parties and independent counsel. These materials included an analysis of the Fund's
        performance, fees and expenses, and profitability compiled by the Fund's independent fee
        consultant. The Board also received extensive information throughout the year regarding
        performance of the Fund.</font></p>

        <p class="CLASS_13" align="left"><font color="#000000"><font size="-2">&bull;</font> The
        Independent Trustees regularly meet privately with their independent counsel (and, as
        needed, other advisors) to discuss contract review and other matters. In addition, the
        Independent Trustees were also advised by the Fund's independent fee consultant in the
        course of their review of the Fund's contractual arrangements and considered a
        comprehensive report prepared by the independent fee consultant in connection with their
        deliberations (the "IFC Report").</font></p>

        <p class="CLASS_13" align="left"><font color="#000000"><font size="-2">&bull;</font> In
        connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's
        transfer agency agreement and other material service agreements.</font></p>

        <p class="CLASS_13" align="left"><font color="#000000"><font size="-2">&bull;</font> Based
        on its evaluation of the information provided, the Contract Committee presented its
        findings and recommendations to the Independent Trustees as a group. The Independent
        Trustees reviewed the Contract Committee's findings and recommendations and presented their
        recommendations to the full Board.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000">In connection with the contract
        review process, the Contract Committee and the Board considered the factors discussed
        below, among others. The&nbsp;Board also considered that DIMA 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 chose to invest or remain invested in the Fund
        knowing that DIMA managed the Fund. DIMA is part of Deutsche Bank, a major global banking
        institution that is engaged in a wide range of financial services. The Board believes that
        there are significant advantages to being part of a global asset management business that
        offers a wide range of investing expertise and resources, including hundreds of portfolio
        managers and analysts with research capabilities in many countries throughout the
        world.</font></p>

        <p class="CLASS_10" id="mit.html.42" align="left"><font color="#000000">While shareholders
        may focus primarily on fund performance and fees, the Fund's Board considers these and many
        other factors, including the quality and integrity of DIMA's personnel and such other
        issues as back-office operations, fund valuations, and compliance policies and
        procedures.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000"><b><font size="-1">Nature, Quality
        and Extent of Services.</font></b> The Board considered the terms of the Agreement,
        including the scope of advisory services provided under the Agreement. The Board noted
        that, under the Agreement, DIMA provides portfolio management and administrative services
        to the Fund. The Board considered the experience and skills of senior management and
        investment personnel, the resources made available to such personnel, the ability of DIMA
        to attract and retain high-quality personnel, and the organizational depth and stability of
        DIMA. 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 the independent fee consultant using information
        supplied by Lipper Inc. ("Lipper"). 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
        information from DIMA regarding such funds, along with DIMA's remedial plans to address
        underperformance. The Board believes this process is an effective manner of identifying and
        addressing underperforming funds. Based on the information provided, the Board noted that
        for the one-, three- and five-year periods ended December 31, 2007, the Fund's performance
        was in the 1st quartile, 4th quartile and 4th quartile, respectively, of the applicable
        Lipper universe (the 1st quartile being the best performers and the 4th quartile being the
        worst performers). The Board also observed that the Fund has underperformed its benchmark
        in each of the one- and three-year periods ended December 31, 2007 and outperformed its
        benchmark in the five-year period ended December 31, 2007. The Board noted the
        disappointing investment performance of the Fund in recent periods and continued to discuss
        with senior management of DIMA the factors contributing to such underperformance and
        actions being taken to improve performance.</font></p>

        <p class="CLASS_10" id="mit.html.43" align="left"><font color="#000000">On the basis of
        this evaluation and the ongoing review of investment results by the Board, the Board
        concluded that the nature, quality and extent of services provided by DIMA historically
        have been and continue to be satisfactory.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000"><b><font size="-1">Fees and
        Expenses.</font></b> The Board considered the Fund's investment management fee schedule,
        operating expenses, and total expense ratios, and comparative information provided by
        Lipper and the independent fee consultant regarding investment management fee rates paid to
        other investment advisors by similar funds (1st quartile being the most favorable and 4th
        quartile being the least favorable). With respect to management fees paid to other
        investment advisors by similar funds, the Board noted that the contractual fee rates paid
        by the Fund were lower than the median (1st quartile) of the applicable Lipper peer group
        (based on Lipper data provided as of December 31, 2007). The Board noted that the Fund's
        total (net) operating expenses were expected to be higher than the median (3rd quartile) of
        the applicable Lipper expense universe (based on Lipper data provided as of December 31,
        2007). The Board considered the Fund's management fee rate as compared to fees charged by
        DIMA and certain of its affiliates for comparable mutual funds and considered differences
        in fund and fee structures between the DWS Funds. The Board also considered how the Fund's
        total (net) operating expenses compared to the total (net) operating expenses of a more
        customized peer group selected by Lipper (based on such factors as asset size).</font></p>

        <p class="CLASS_10" 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 DIMA.</font></p>

        <p class="CLASS_10" align="left">
        <font color="#000000"><b><font size="-1">Profitability.</font></b> The Board reviewed
        detailed information regarding revenues received by DIMA under the Agreement. The Board
        considered the estimated costs and pre-tax profits realized by DIMA from advising the DWS
        Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in
        particular. The Board also received information regarding the estimated enterprise-wide
        profitability of the DWS Investments organization with respect to all fund services in
        totality and by fund. The Board reviewed DIMA's methodology in allocating its costs
        to&nbsp;the management of the Fund. 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. The Board also&nbsp;reviewed information regarding the profitability
        of certain similar investment management firms. The Board noted that while information
        regarding the profitability of such firms is limited (and in some cases is not necessarily
        prepared on a comparable basis), DIMA and its affiliates' overall profitability with
        respect to the DWS Investments fund complex (after taking into account distribution and
        other services provided to the funds by DIMA and its affiliates) was lower than the overall
        profitability levels of many comparable firms for which such data was available.</font></p>

        <p class="CLASS_10" id="mit.html.44" 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 concluded that the
        Fund's fee schedule represents an appropriate sharing between the Fund and DIMA of such
        economies of scale as may exist in the management of the Fund at current asset
        levels.</font></p>

        <p class="CLASS_10" 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 DIMA for administrative services provided to the Fund and any fees received by an
        affiliate of DIMA for distribution services. The Board also considered benefits to DIMA
        related to brokerage and soft-dollar allocations, including allocating brokerage to pay for
        research generated by parties other than the executing broker dealers, 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 DWS Investments products and services. The Board concluded that management fees were
        reasonable in light of these fallout benefits.</font></p>

        <p class="CLASS_10" align="left">
        <font color="#000000"><b><font size="-1">Compliance.</font></b> The Board considered the
        significant attention and resources dedicated by DIMA to documenting and enhancing its
        compliance processes in recent years. The Board noted in particular (i) the experience and
        seniority of DIMA's chief compliance officer; (ii) the large number of compliance personnel
        who report to DIMA's chief compliance officer; and (iii) the substantial commitment of
        resources by DIMA and its affiliates to compliance matters.</font></p>

        <p class="CLASS_10" 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 continuation of the Agreement is in the best interests of the
        Fund. In making this determination the Board did not give particular weight to any single
        factor identified above. The Board considered these factors over the course of numerous
        meetings, certain of which were in executive session with only the Independent Trustees and
        their counsel present. It is possible that individual Trustees may have weighed these
        factors differently in reaching their individual decisions to approve the continuation of
        the Agreement.</font></p>

        <p class="CLASS_143" id="mit.html.45" 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 Trust as of November 30, 2008.
        Each Board Member's year of birth is set forth in parentheses after his or her name. Unless
        otherwise noted, (i) each Board Member 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 Independent Board Member is c/o Dawn-Marie Driscoll,
        PO Box 100176, Cape Coral, FL&nbsp;33904. Except as otherwise noted below, the term of
        office for each Board Member is until the election and qualification of a successor, or
        until such Board Member sooner dies, resigns, is removed or as otherwise provided in the
        governing documents of the fund. The Board Members may also serve in similar capacities
        with other funds in the fund complex. The Length of Time Served represents the year in
        which the Board Member joined the board of one or more DWS funds now overseen by the
        Board.</font></p>

        <table class="CLASS_1" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="top" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Independent
                    Board Members</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_121" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Name, Year
                    of Birth, Position with the Fund and Length of Time
                    Served<sup>1</sup></font></b></p>
                </td>

                <td class="CLASS_116" valign="bottom" align="left">
                    <p class="CLASS_17" 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_78" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Number of
                    Funds in DWS Fund Complex Overseen</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_65" valign="top" align="left">
                <font color="#000000" size="-2">Dawn-Marie Driscoll (1946)</font><br>
                <font color="#000000" size="-2">Chairperson since 2004<sup>2</sup></font><br>
                <font color="#000000" size="-2">Board Member since 1987</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">President, Driscoll Associates (consulting firm);
                Executive Fellow, Center for Business Ethics, Bentley University; formerly,
                Partner, Palmer &amp; Dodge (1988-1990); Vice President of Corporate Affairs and
                General Counsel, Filene's (1978-1988). Directorships: Trustee of 20 open-end mutual
                funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual
                Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley
                University; Trustee, Southwest Florida Community Foundation (charitable
                organization). Former Directorships: Investment Company Institute (audit,
                executive, nominating committees) and Independent Directors Council (governance,
                executive committees)</font><br>
                </td>

                <td class="CLASS_139" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_64" valign="top" align="left"><font color="#000000" size="-2">Paul
                K. Freeman (1950)</font><br>
                <font color="#000000" size="-2">Vice Chairperson since 2008</font> <br>
                <font color="#000000" size="-2">Board Member since 1993</font><br>
                </td>

                <td class="CLASS_60" 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_138" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_64" valign="top" align="left"><font color="#000000" size="-2">John
                W. Ballantine (1946)</font><br>
                <font color="#000000" size="-2">Board Member since 1999</font><br>
                </td>

                <td class="CLASS_60" 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_138" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_65" valign="top" align="left">
                <font color="#000000" size="-2">Henry P. Becton, Jr. (1943)</font><br>
                <font color="#000000" size="-2">Board Member since 1990</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left"><font color="#000000" size="-2">Vice
                Chair, WGBH Educational Foundation. Directorships: Association of Public Television
                Stations; Becton Dickinson and Company<sup>3</sup> (medical technology company);
                Belo Corporation<sup>3</sup> (media company); Boston Museum of Science; Public
                Radio International. Former Directorships: American Public Television; Concord
                Academy; New England Aquarium; Mass. Corporation for Educational
                Telecommunications; Committee for Economic Development; Public Broadcasting
                Service</font><br>
                </td>

                <td class="CLASS_139" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_65" valign="top" align="left">
                <font color="#000000" size="-2">Keith R. Fox (1954)</font><br>
                <font color="#000000" size="-2">Board Member since 1996</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Managing General Partner, Exeter Capital Partners
                (a series of private equity funds). Directorships: Progressive Holding Corporation
                (kitchen goods importer and distributor); Natural History, Inc. (magazine
                publisher); Box Top Media Inc. (advertising); The Kennel Shop (retailer)</font><br>
                </td>

                <td class="CLASS_139" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_65" valign="top" align="left">
                <font color="#000000" size="-2">Kenneth C. Froewiss (1945)</font><br>
                <font color="#000000" size="-2">Board Member since 2001</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Clinical Professor of Finance, NYU Stern School of
                Business (1997-present); Member, Finance Committee, Association for Asian Studies
                (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present);
                prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until
                1996)</font><br>
                </td>

                <td class="CLASS_139" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_65" valign="top" align="left">
                <font color="#000000" size="-2">Richard J. Herring (1946)</font><br>
                <font color="#000000" size="-2">Board Member since 1990</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Jacob Safra Professor of International Banking and
                Professor, Finance Department, The Wharton School, University of Pennsylvania
                (since July 1972); Co-Director, Wharton Financial Institutions Center (since July
                2000); Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund,
                Inc. (since September 2007), Singapore Fund, Inc. (since September 2007). Formerly,
                Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000);
                Director, Lauder Institute of International Management Studies (July 2000-June
                2006)</font> <br>
                </td>

                <td class="CLASS_139" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_64" valign="top" align="left">
                <font color="#000000" size="-2">William McClayton (1944)</font><br>
                <font color="#000000" size="-2">Board Member since 2004</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director, Diamond Management &amp;
                Technology Consultants, Inc. (global management consulting firm) (2001-present);
                Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior
                Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia
                Festival</font><br>
                </td>

                <td class="CLASS_138" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_65" valign="top" align="left">
                <font color="#000000" size="-2">Rebecca W. Rimel (1951)</font><br>
                <font color="#000000" size="-2">Board Member since 1995</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">President and Chief Executive Officer, The Pew
                Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas
                Jefferson Foundation (charitable organization) (1994&nbsp;to present); Trustee,
                Executive Committee, Philadelphia Chamber of Commerce (2001-2007); Trustee, Pro
                Publica (2007-present) (charitable organization). Formerly, Executive Vice
                President, The Glenmede Trust Company (investment trust and wealth management)
                (1983-2004); Board Member, Investor Education (charitable organization)
                (2004-2005); Director, Viasys Health Care<sup>3</sup>
                (January&nbsp;2007-June&nbsp;2007)</font><br>
                </td>

                <td class="CLASS_139" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_65" valign="top" align="left">
                <font color="#000000" size="-2">William N. Searcy, Jr. (1946)</font><br>
                <font color="#000000" size="-2">Board Member since 1993</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Private investor since October 2003; Trustee of 20
                open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998).
                Formerly, Pension &amp; Savings Trust Officer, Sprint Corporation<sup>3</sup>
                (telecommunications) (November 1989-September 2003)</font><br>
                </td>

                <td class="CLASS_139" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_65" valign="top" align="left"><font color="#000000" size="-2">Jean
                Gleason Stromberg (1943)</font><br>
                <font color="#000000" size="-2">Board Member since 1997</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Retired. Formerly, Consultant (1997-2001);
                Director, US Government Accountability Office (1996-1997); Partner, Fulbright &amp;
                Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora
                Hewlett Foundation; Service Source, Inc. Former Directorships: Mutual Fund
                Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle
                for retirement plans) (1987-1990 and 1994-1996)</font><br>
                </td>

                <td class="CLASS_139" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_64" 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 since 1999</font><br>
                </td>

                <td class="CLASS_60" valign="top" align="left">
                <font color="#000000" size="-2">President, Robert H. Wadsworth &amp; Associates,
                Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir
                Association</font><br>
                </td>

                <td class="CLASS_138" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">136</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_1" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="top" align="left" colspan="3">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Interested
                    Board Member</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_120" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Name, Year
                    of Birth, Position with the Fund and Length of Time
                    Served<sup>1</sup></font></b></p>
                </td>

                <td class="CLASS_119" valign="bottom" align="left">
                    <p class="CLASS_17" 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_118" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Number of
                    Funds in Fund Complex Overseen</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_63" valign="top" align="left"><font color="#000000" size="-2">Axel
                Schwarzer<sup>4</sup> (1958)</font><br>
                <font color="#000000" size="-2">Board Member since 2006</font><br>
                </td>

                <td class="CLASS_62" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>5</sup>, Deutsche Asset
                Management; Head of Deutsche Asset Management Americas; CEO of DWS Investments;
                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_137" valign="top" align="center">
                    <p class="CLASS_17" align="center">
                    <font color="#000000" size="-2">133</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_1" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="top" align="left" colspan="2">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-1">Officers<sup>6</sup></font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_117" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Name, Year
                    of Birth, Position with the Fund and Length of Time
                    Served</font><font color="#000000" size="-1"><sup>7</sup></font></b></p>
                </td>

                <td class="CLASS_116" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Principal
                    Occupation(s) During Past 5 Years and Other Directorships Held</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_59" valign="top" align="left">
                <font color="#000000" size="-2">Michael G. Clark<sup>8</sup> (1965)</font><br>
                <font color="#000000" size="-2">President, 2006-present</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>5</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_2">
                <td class="CLASS_59" valign="top" align="left"><font color="#000000" size="-2">John
                Millette<sup>9</sup> (1962)</font><br>
                <font color="#000000" size="-2">Vice President and Secretary,
                1999-present</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Director<sup>5</sup>, Deutsche Asset
                Management</font><br>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_59" valign="top" align="left"><font color="#000000" size="-2">Paul
                H. Schubert<sup>8</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_58" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>5</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_2">
                <td class="CLASS_59" valign="top" align="left">
                <font color="#000000" size="-2">Patricia DeFilippis<sup>10</sup> (1963)</font><br>
                <font color="#000000" size="-2">Assistant Secretary, 2005-present</font><br>
                </td>

                <td class="CLASS_58" 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_2">
                <td class="CLASS_59" valign="top" align="left">
                <font color="#000000" size="-2">Caroline Pearson<sup>9</sup> (1962)</font><br>
                <font color="#000000" size="-2">Assistant Secretary, 1997-present</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>5</sup>, Deutsche Asset
                Management</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_61" valign="top" align="left"><font color="#000000" size="-2">Paul
                Antosca<sup>9</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>5</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_3">
                <td class="CLASS_61" valign="top" align="left"><font color="#000000" size="-2">Jack
                Clark<sup>9</sup> (1967)</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>5</sup>, Deutsche Asset Management
                (since 2007); formerly, Vice President, State Street Corporation
                (2002-2007)</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_61" valign="top" align="left">
                <font color="#000000" size="-2">Diane Kenneally<sup>9</sup> (1966)</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>5</sup>, Deutsche Asset
                Management</font><br>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_59" valign="top" align="left">
                <font color="#000000" size="-2">Jason Vazquez<sup>10</sup> (1972)</font><br>
                <font color="#000000" size="-2">Anti-Money Laundering Compliance Officer,
                2007-present</font><br>
                </td>

                <td class="CLASS_58" 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_2">
                <td class="CLASS_59" valign="top" align="left">
                <font color="#000000" size="-2">Robert Kloby<sup>10</sup> (1962)</font><br>
                <font color="#000000" size="-2">Chief Compliance Officer, 2006-present</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Managing Director<sup>5</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.&nbsp;Hutton and Company (1984-1988)</font> <br>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_59" valign="top" align="left"><font color="#000000" size="-2">J.
                Christopher Jackson<sup>10</sup> (1951)</font><br>
                <font color="#000000" size="-2">Chief Legal Officer, 2006-present</font><br>
                </td>

                <td class="CLASS_58" valign="top" align="left">
                <font color="#000000" size="-2">Director<sup>5</sup>, Deutsche Asset Management
                (2006-present); formerly, Director, Senior Vice President, General Counsel and
                Assistant Secretary, Hansberger Global Investors, Inc. (1996-2006); Director,
                National Society of Compliance Professionals (2002-2005) (2006-2009)</font><br>
                </td>
            </tr>
        </table>
        <font color="#000000" size="-2"><sup>1</sup></font> <i><font color="#000000" size="-2">The
        length of time served represents the year in which the Board Member joined the board of one
        or more DWS funds currently overseen by the Board.</font></i><br>
        <font color="#000000" size="-2"><sup>2</sup></font>
        <i><font color="#000000" size="-2">Represents the year Ms. Driscoll was first appointed
        Chairperson of certain DWS funds.</font></i><br>
        <font color="#000000" size="-2"><sup>3</sup></font> <i><font color="#000000" size="-2">A
        publicly held company with securities registered pursuant to Section&nbsp;12 of the
        Securities Exchange Act of 1934.</font></i><br>
        <font color="#000000" size="-2"><sup>4</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. As an interested person, Mr.
        Schwarzer receives no compensation from the fund.</font></i><br>
        <font color="#000000" size="-2"><sup>5</sup></font>
        <i><font color="#000000" size="-2">Executive title, not a board
        directorship.</font></i><br>
        <font color="#000000" size="-2"><sup>6</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>7</sup></font> <i><font color="#000000" size="-2">The
        length of time served represents the year in which the officer was first elected in such
        capacity for one or more DWS funds.</font></i><br>
        <font color="#000000" size="-2"><sup>8</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>9</sup></font>
        <i><font color="#000000" size="-2">Address: One Beacon Street, Boston, MA
        02108.</font></i><br>
        <font color="#000000" size="-2"><sup>10</sup></font>
        <i><font color="#000000" size="-2">Address: 280 Park Avenue, New York, New York
        10017.</font></i><br>

        <p class="CLASS_143" id="mit.html.49" align="left">
        <b><font color="#0091ff" size="+1"><a id="addinfo" name="addinfo"></a>Additional
        Information</font></b></p>

        <table class="CLASS_6" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_28" valign="top" align="left" colspan="2">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right"><b><font color="#0091ff" size="-2">Automated
                    Information Line</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">DWS
                    Investments Closed-End Fund Info Line</font></b></p>

                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">(800)
                    349-4281</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right"><b><font color="#0091ff" size="-2">Web
                    Site</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" align="left">
                    <b><font color="#000000" size="-2">www.dws-investments.com</font></b></p>
                    <font color="#000000" size="-2">Obtain quarterly fact sheets, financial
                    reports, press releases and webcasts when available.</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right"><b><font color="#0091ff" size="-2">Written
                    Correspondence</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Deutsche
                    Investment Management Americas Inc.</font></b></p>
                    <font color="#000000" size="-2">345 Park Avenue</font><br>
                    <font color="#000000" size="-2">New York, NY 10154</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right"><b><font color="#0091ff" size="-2">Proxy
                    Voting</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left"><font color="#000000" size="-2">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">are available on our Web site &mdash;
                www.dws-investments.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_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right"><b><font color="#0091ff" size="-2">Legal
                    Counsel</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" 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_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right"><b><font color="#0091ff" size="-2">Dividend
                    Reinvestment Plan&nbsp;Agent</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" 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_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right">
                    <b><font color="#0091ff" size="-2">Shareholder Service Agent and Transfer
                    Agent</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">DWS
                    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_17" align="left"><b><font color="#000000" size="-2">(800)
                    294-4366</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right">
                    <b><font color="#0091ff" size="-2">Custodian</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" 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_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right">
                    <b><font color="#0091ff" size="-2">Independent Registered Public Accounting
                    Firm</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" 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_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right"><b><font color="#0091ff" size="-2">NYSE
                    Symbol</font></b></p>
                </td>

                <td class="CLASS_57" valign="top" align="left">
                <font color="#000000" size="-2">KTF</font><br>
                </td>
            </tr>
        </table>

        <table class="CLASS_5" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right"><b><font color="#0091ff" size="-2">CUSIP
                    Numbers</font></b></p>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">Common Shares</font><br>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">23338M 106</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">Series A (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">23338M 205</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">Series B (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">23338M 304</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">Series C (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">23338M 403</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">Series D (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">23338M 502</font><br>
                </td>
            </tr>

            <tr class="CLASS_3">
                <td class="CLASS_11" valign="top" align="right">
                    <p class="CLASS_12" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">Series E (Preferred Shares)</font><br>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                <font color="#000000" size="-2">23338M 601</font><br>
                </td>
            </tr>
        </table>

        <p class="CLASS_10" id="mit.html.50" align="left">
        <b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_10" id="mit.html.51" align="left">
        <b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_37" align="left"><img alt="mit_backcover0" src="mit_backcover0.gif"></p>

        <div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <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, 2008, 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 Funds&rsquo; audit committee is comprised solely of
                            trustees who are &ldquo;independent&rdquo; (as such term has been
                            defined by the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
                            in regulations implementing Section 407 of the Sarbanes-Oxley Act (the
                            &ldquo;Regulations&rdquo;)). The Funds&rsquo; Board of Trustees has
                            determined that there are several &ldquo;audit committee financial
                            experts&rdquo; (as such term has been defined by the Regulations)
                            serving on the Funds&rsquo; audit committee including Mr. William
                            McClayton, the chair of the Funds&rsquo; audit committee. The SEC has
                            stated that an audit committee financial expert is not an
                            &ldquo;expert&rdquo; for any purpose, including for purposes of Section
                            11 of the Securities Act of 1933 and the designation or identification
                            of a person as an audit committee financial expert pursuant to this
                            Item 3 of Form N-CSR does not impose on such person any duties,
                            obligations or liability that are greater than the duties, obligations
                            and liability imposed on such person as a member of the audit committee
                            and board of directors in the absence of such designation or
                            identification.</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-INDENT: 0.5in; TEXT-ALIGN: center">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-INDENT: 0.5in; 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: 12pt; 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>

            <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">2008</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">$52,812</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">$8,597</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">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>
                </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>

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

            <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;DIMA&rdquo; or the &ldquo;Adviser&rdquo;), and any
            entity controlling, controlled by or under common control with DIMA (&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">2008</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">$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="162">
                            <p><font size="2">$382,000</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="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">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>
                </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" align="center">
            <font size="2"><strong>Non-Audit Services</strong></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">2008</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">$8,597</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">$382,000</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="131">
                            <p><font size="2">$1,324,733</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">$1,715,330</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>
                </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">All
            other engagement fees were billed for services in connection with internal control
            reviews, agreed upon procedures and tax compliance for DIMA 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>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">In
            connection with the audit of the 2007 and 2008 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 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>

            <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">
                            <p><font size="2">The registrant has a separately-designated standing
                            audit committee established in accordance with Section 3(a)(58)(A) of
                            the Securities Exchange Act of 1934, as amended. The registrant's audit
                            committee consists of William McClayton (Chairman), Keith R. Fox,
                            Kenneth C. Froewiss, Henry P. Becton, Jr., John W. Ballantine and
                            William N. Searcy.</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 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>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="189" border="0">
                    <tr>
                        <td valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 0in; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">I.</font></b></p>
                        </td>

                        <td valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">INTRODUCTION</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            has adopted and implemented the following policies and procedures, which it believes
            are reasonably designed to ensure that proxies are voted in the best economic interest
            of clients, in accordance with its fiduciary duties and local regulation. These Proxy
            Voting Policies, Procedures and Guidelines shall apply to all accounts managed by US
            domiciled advisers and to all US client accounts managed by non US regional offices.
            Non US regional offices are required to maintain procedures and to vote proxies as may
            be required by law on behalf of their non US clients. In addition, AM&rsquo;s proxy
            policies reflect the fiduciary standards and responsibilities for ERISA
            accounts.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            attached guidelines represent a set of global recommendations that were determined by
            the Global Proxy Voting Sub-Committee (&ldquo;the GPVSC&rdquo;). These guidelines were
            developed to provide AM with a comprehensive list of</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">recommendations that represent how AM will generally vote proxies for
            its clients. The recommendations derived from the application of these guidelines are
            not intended to influence the various AM legal entities either directly or indirectly
            by parent or affiliated companies. In addition, the organizational structures and
            documents of the various AM legal entities allows, where necessary or appropriate, the
            execution by individual AM subsidiaries of the proxy voting rights independently of any
            DB parent or affiliated company. This applies in particular to non U.S. fund management
            companies. The individuals that make proxy voting decisions are also free to act
            independently, subject to the normal and customary supervision by the management/boards
            of these AM legal entities.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="354" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">II.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="291">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">AM&rsquo;S PROXY VOTING
                            RESPONSIBILITIES</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Proxy votes are the property of AM&rsquo;s advisory clients.<sup>1</sup>
            As such, AM&rsquo;s authority and responsibility to vote such proxies depend upon its
            contractual relationships with its clients. AM has delegated responsibility for
            effecting its advisory clients&rsquo; proxy votes to Institutional Shareholder Services
            (&ldquo;ISS&rdquo;), an independent third-party proxy voting specialist. ISS votes
            AM&rsquo;s advisory clients&rsquo; proxies in accordance with AM&rsquo;s proxy
            guidelines or AM&rsquo;s specific instructions. Where a client has given specific
            instructions as to how a proxy should be voted, AM will notify ISS to carry out those
            instructions. Where no specific instruction exists, AM will follow the procedures in
            voting the proxies set forth in this document. Certain Taft-Hartley clients may direct
            AM to have ISS vote their proxies in accordance with Taft Hartley voting
            Guidelines</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Clients may in certain instances contract with their custodial agent and
            notify AM that they wish to engage in securities lending transactions. In such cases,
            it is the responsibility of the custodian to deduct the number of shares that are on
            loan so that they do not get voted twice.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="146" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">III.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">POLICIES</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="498" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">1.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="435">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Proxy voting activities are conducted in the best
                            economic interest of clients</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            has adopted the following policies and procedures to ensure that proxies are voted in
            accordance with the best economic interest of its clients, as determined by AM in good
            faith after appropriate review.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="310" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">2.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="247">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">The Global Proxy Voting
                            Sub-Committee</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            Global Proxy Voting Sub-Committee (the &ldquo;GPVSC&rdquo;) is an internal working
            group established by the applicable AM&rsquo;s Investment Risk Oversight Committee
            pursuant to a written charter. The GPVSC is responsible for overseeing AM&rsquo;s proxy
            voting activities, including:</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">(i)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">adopting, monitoring and updating guidelines, attached
                            as Exhibit A (the &ldquo;Guidelines&rdquo;), that provide how AM will
                            generally vote proxies pertaining to a comprehensive list of common
                            proxy voting matters;</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">(ii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">voting proxies where (A) the issues are not covered by
                            specific client instruction or the Guidelines; (B) the Guidelines
                            specify that the issues are to be determined on a case-by-case basis;
                            or (C) where an exception to the Guidelines may be in the best economic
                            interest of AM&rsquo;s clients; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.19in; TEXT-INDENT: -0.19in; TEXT-ALIGN: left">
            <font size="2"><sup>1&nbsp;</sup></font> <font size="1">purposes of these Policies and
            Procedures, &ldquo;clients&rdquo; refers to persons or entities: for which AM serves as
            investment adviser or sub-adviser; for which AM votes proxies; and that have an
            economic or beneficial ownership interest in the portfolio securities of issuers
            soliciting such proxies.</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 style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">(iii)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">monitoring the Proxy Vendor Oversight&rsquo;s proxy
                            voting activities (see below).</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">AM&rsquo;s Proxy Vendor Oversight, a function of AM&rsquo;s Operations
            Group, is responsible for coordinating with ISS to administer AM&rsquo;s proxy voting
            process and for voting proxies in accordance with any specific client instructions or,
            if there are none, the Guidelines, and overseeing ISS&rsquo; proxy responsibilities in
            this regard.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="509" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">3.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="445">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Availability of Proxy Voting Policies and
                            Procedures and proxy voting record</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Copies of these Policies and Procedures, as they may be updated from
            time to time, are made available to clients as required by law and otherwise at
            AM&rsquo;s discretion. Clients may also obtain information on how their proxies were
            voted by AM as required by law and otherwise at AM&rsquo;s discretion; however, AM must
            not selectively disclose its investment company clients&rsquo; proxy voting records.
            The Proxy Vendor Oversight will make proxy voting reports available to advisory clients
            upon request. The investment companies&rsquo; proxy voting records will be disclosed to
            shareholders by means of publicly-available annual filings of each company&rsquo;s
            proxy voting record for 12-month periods ended June 30 (see &ldquo;Recordkeeping&rdquo;
            below), if so required by relevant law.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="174" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">IV.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="111">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">PROCEDURES</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            key aspects of AM&rsquo;s proxy voting process are as follows:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="300" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">1.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="236">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">The GPVSC&rsquo;s Proxy Voting
                            Guidelines</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            Guidelines set forth the GPVSC&rsquo;s standard voting positions on a comprehensive
            list of common proxy voting matters. The GPVSC has developed, and continues to update
            the Guidelines based on consideration of current corporate governance principles,
            industry standards, client feedback, and the impact of the matter on issuers and the
            value of the investments.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            GPVSC will review the Guidelines as necessary to support the best economic interests of
            AM&rsquo;s clients and, in any event, at least annually. The GPVSC will make changes to
            the Guidelines, whether as a result of the annual review or otherwise, taking solely
            into account the best economic interests of clients. Before changing the Guidelines,
            the GPVSC will thoroughly review and evaluate the proposed change and the reasons
            therefore, and the GPVSC Chair will ask GPVSC members whether anyone outside of the AM
            organization (but within Deutsche Bank and its affiliates) or any entity that
            identifies itself as a AM advisory client has requested or attempted to influence the
            proposed change and whether any member has a conflict of interest with respect to the
            proposed change. If any such matter is reported to the GPVSC Chair, the Chair will
            promptly notify the Conflicts of Interest Management Sub-Committee (see below) and will
            defer the approval, if possible. Lastly, the GPVSC will fully document its rationale
            for approving any change to the Guidelines.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            Guidelines may reflect a voting position that differs from the actual practices of the
            public company(ies) within the Deutsche Bank organization or of the investment
            companies for which AM or an affiliate serves as investment adviser or sponsor.
            Investment companies, particularly closed-end investment companies, are different from
            traditional operating companies. These differences may call for differences in voting
            positions on the same matter. Further, the manner in which AM votes investment company
            proxies may differ from proposals for which a AM-advised or sponsored investment
            company solicits proxies from its shareholders. As reflected in the Guidelines, proxies
            solicited by closed-end (and open-end) investment companies are generally voted in
            accordance with the pre-determined guidelines of ISS. See Section IV.3.B.</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: justify">
            <font size="2">Funds (&ldquo;Underlying Funds&rdquo;) in which Topiary Fund Management
            Fund of Funds (each, a &ldquo;Fund&rdquo;) invest, may from time to time seek to revise
            their investment terms (i.e. liquidity, fees, etc.) or investment structure. In such
            event, the Underlying Funds may require approval/consent from its investors to effect
            the relevant changes. Topiary Fund Management has adopted Proxy Voting Procedures which
            outline the process for these approvals.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="368" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">2.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="304">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Specific proxy voting decisions made by the
                            GPVSC</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            Proxy Vendor Oversight will refer to the GPVSC all proxy proposals (i) that are not
            covered by specific client instructions or the Guidelines; or (ii) that, according to
            the Guidelines, should be evaluated and voted on a case-by-case basis.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Additionally, if, the Proxy Vendor Oversight, the GPVSC Chair or any
            member of the GPVSC, a portfolio manager, a research analyst or a sub-adviser believes
            that voting a particular proxy in accordance with the Guidelines may not be in the best
            economic interests of clients, that individual may bring the matter to the attention of
            the GPVSC Chair and/or the Proxy Vendor Oversight.<sup>2</sup></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">If
            the Proxy Vendor Oversight refers a proxy proposal to the GPVSC or the GPVSC determines
            that voting a particular proxy in accordance with the Guidelines is not in the best
            economic interests of clients, the GPVSC will evaluate and vote the proxy, subject to
            the procedures below regarding conflicts.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            GPVSC endeavors to hold meetings to decide how to vote particular proxies sufficiently
            before the voting deadline so that the procedures below regarding conflicts can be
            completed before the GPVSC&rsquo;s voting determination.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="280" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">3.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="216">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Certain proxy votes may not be
                            cast</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In
            some cases, the GPVSC may determine that it is in the best economic interests of its
            clients not to vote certain proxies. If the conditions below are met with regard to a
            proxy proposal, AM will abstain from voting:</font></p>

            <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: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Neither the Guidelines nor specific client instructions
                            cover an issue;</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: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">ISS does not make a recommendation on the
                            issue;</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: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The GPVSC cannot convene on the proxy proposal at issue
                            to make a determination as to what would be in the client&rsquo;s best
                            interest. (This could happen, for example, if the Conflicts of Interest
                            Management Sub-committee found that there was a material conflict or if
                            despite all best efforts being made, the GPVSC quorum requirement could
                            not be met).</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In
            addition, it is AM&rsquo;s policy not to vote proxies of issuers subject to laws of
            those jurisdictions that impose restrictions upon selling shares after proxies are
            voted, in order to preserve liquidity. In other cases, it may not be possible to vote
            certain proxies, despite good faith efforts to do so. For example, some jurisdictions
            do not provide adequate notice to shareholders so that proxies may be voted on a timely
            basis. Voting rights on securities that have been loaned to third-parties transfer to
            those third-parties, with loan termination often being the only way to attempt to vote
            proxies on the loaned securities. Lastly, the GPVSC may determine that the costs to the
            client(s) associated with voting a particular proxy or group of proxies outweighs the
            economic benefits expected from voting the proxy or group of proxies.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.19in; TEXT-INDENT: -0.19in; TEXT-ALIGN: left">
            <font size="2"><sup>2&nbsp;</sup></font> <font size="1">Proxy Vendor Oversight
            generally monitors upcoming proxy solicitations for heightened attention from the press
            or the industry and for novel or unusual proposals or circumstances, which may prompt
            the Proxy Vendor Oversight to bring the solicitation to the attention of the GPVSC
            Chair. AM portfolio managers, AM research analysts and sub-advisers also may bring a
            particular proxy vote to the attention of the GPVSC Chair, as a result of their ongoing
            monitoring of portfolio securities held by advisory clients and/or their review of the
            periodic proxy voting record reports that the GPVSC Chair distributes to AM portfolio
            managers and AM research analysts.</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: justify"><font size="2">The
            Proxy Vendor Oversight will coordinate with the GPVSC Chair regarding any specific
            proxies and any categories of proxies that will not or cannot be voted. The reasons for
            not voting any proxy shall be documented.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="253" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">4.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="189">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Conflict of Interest Procedures</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="442" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">A.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="379">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <u><font size="2">Procedures to Address Conflicts of Interest and
                            Improper Influence</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Overriding Principle</font></i><font size="2">. In the limited
            circumstances where the GPVSC votes proxies,<sup>3</sup> the GPVSC will vote those
            proxies in accordance with what it, in good faith, determines to be the best economic
            interests of AM&rsquo;s clients.<sup>4</sup></font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Independence of the GPVSC</font></i><font size="2">. As a matter of
            Compliance policy, the GPVSC and the Proxy Vendor Oversight are structured to be
            independent from other parts of Deutsche Bank. Members of the GPVSC and the employee
            responsible for Proxy Vendor Oversight are employees of AM. As such, they may not be
            subject to the supervision or control of any employees of Deutsche Bank Corporate and
            Investment Banking division (&ldquo;CIB&rdquo;). Their compensation cannot be based
            upon their contribution to any business activity outside of AM without prior approval
            of Legal and Compliance. They can have no contact with employees of Deutsche Bank
            outside of the Private Client and Asset Management division (&ldquo;PCAM&rdquo;)
            regarding specific clients, business matters or initiatives without the prior approval
            of Legal and Compliance. They furthermore may not discuss proxy votes with any person
            outside of AM (and within AM only on a need to know basis).</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Conflict Review Procedures</font></i><font size="2">. There will be a
            committee (the &ldquo;Conflicts of Interest Management Sub-Committee&rdquo;)
            established within AM that will monitor for potential material conflicts of interest in
            connection with proxy proposals that are to be evaluated by the GPVSC. Promptly upon a
            determination that a vote shall be presented to the GPVSC, the GPVSC Chair shall notify
            the Conflicts of Interest Management Sub-Committee. The Conflicts of Interest
            Management Sub-Committee shall promptly collect and review any information deemed
            reasonably appropriate to evaluate, in its reasonable judgment, if AM or any person
            participating in the proxy voting process has, or has the appearance of, a material
            conflict of interest. For the purposes of this policy, a conflict of interest shall be
            considered &ldquo;material&rdquo; to the extent that a reasonable person could expect
            the conflict to influence, or appear to influence, the GPVSC&rsquo;s decision on the
            particular vote at issue. GPVSC should provide the Conflicts of Interest Management
            Sub-Committee a reasonable amount of time (no less than 24 hours) to perform all
            necessary and appropriate reviews. To the extent that a conflicts review can not be
            sufficiently completed by the Conflicts of Interest Management Sub-Committee the
            proxies will be voted in accordance with the standard guidelines.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            information considered by the Conflicts of Interest Management Sub-Committee may
            include without limitation information regarding (i) AM client relationships; (ii) any
            relevant personal conflict known by the Conflicts of Interest Management Sub-Committee
            or brought to the attention of that sub-committee; (iii) and any communications with
            members of the GPVSC (or anyone participating or providing information to the GPVSC)
            and any person outside of the AM organization (but within Deutsche Bank and its
            affiliates) or any entity that identifies itself as a AM advisory client regarding the
            vote at issue. In the context of any determination, the Conflicts of Interest
            Management Sub-Committee may consult with, and shall be entitled to rely upon, all
            applicable outside experts, including legal counsel.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.19in; TEXT-INDENT: -0.19in; TEXT-ALIGN: left">
            <font size="2"><sup>3&nbsp;</sup></font> <font size="1">mentioned above, the GPVSC
            votes proxies (i) where neither a specific client instruction nor a Guideline directs
            how the proxy should be voted, (ii) where the Guidelines specify that an issue is to be
            determined on a case by case basis or (iii) where voting in accordance with the
            Guidelines may not be in the best economic interests of clients.</font></p>
            <sup>&nbsp;</sup>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2"><sup>4&nbsp;</sup></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="1">The Proxy Vendor Oversight, who serves as the non-voting
                            secretary of the GPVSC, may receive routine calls from proxy solicitors
                            and other parties interested in a particular proxy vote. Any contact
                            that attempts to exert improper pressure or influence shall be reported
                            to the Conflicts of Interest Management Sub-Committee.</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <sup>&nbsp;</sup>

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

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Upon completion of the investigation, the Conflicts of Interest
            Management Sub-Committee will document its findings and conclusions. If the Conflicts
            of Interest Management Sub-Committee determines that (i) AM has a material conflict of
            interest that would prevent it from deciding how to vote the proxies concerned without
            further client consent or (ii) certain individuals should be recused from participating
            in the proxy vote at issue, the Conflicts of Interest Management Sub-Committee will so
            inform the GPVSC chair.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">If
            notified that AM has a material conflict of interest as described above, the GPVSC
            chair will obtain instructions as to how the proxies should be voted either from (i) if
            time permits, the effected clients, or (ii) in accordance with the standard guidelines.
            If notified that certain individuals should be recused from the proxy vote at issue,
            the GPVSC Chair shall do so in accordance with the procedures set forth
            below.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Note: Any AM employee who becomes aware of a potential, material
            conflict of interest in respect of any proxy vote to be made on behalf of clients shall
            notify Compliance. Compliance shall call a meeting of the conflict review committee to
            evaluate such conflict and determine a recommended course of action.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Procedures to be followed by the GPVSC</font></i><font size="2">. At
            the beginning of any discussion regarding how to vote any proxy, the GPVSC Chair (or
            his or her delegate) will inquire as to whether any GPVSC member (whether voting or ex
            officio) or any person participating in the proxy voting process has a personal
            conflict of interest or has actual knowledge of an actual or apparent conflict that has
            not been reported to the Conflicts of Interest Management Sub-Committee.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">The
            GPVSC Chair also will inquire of these same parties whether they have actual knowledge
            regarding whether any director, officer or employee outside of the AM organization (but
            within Deutsche Bank and its affiliates) or any entity that identifies itself as a AM
            advisory client, has: (i) requested that AM, the Proxy Vendor Oversight (or any member
            thereof) or a GPVSC member vote a particular proxy in a certain manner; (ii) attempted
            to influence AM, the Proxy Vendor Oversight (or any member thereof), a GPVSC member or
            any other person in connection with proxy voting activities; or (iii) otherwise
            communicated with a GPVSC member or any other person participating or providing
            information to the GPVSC regarding the particular proxy vote at issue, and which
            incident has not yet been reported to the Conflicts of Interest Management Sub-
            Committee.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">If
            any such incidents are reported to the GPVSC Chair, the Chair will promptly notify the
            Conflicts of Interest Management Sub-Committee and, if possible, will delay the vote
            until the Conflicts of Interest Management Sub-Committee can complete the conflicts
            report. If a delay is not possible, the Conflicts of Interest Management Sub-Committee
            will instruct the GPVSC whether anyone should be recused from the proxy voting process,
            or whether AM should vote the proxy in accordance with the standard guidelines, seek
            instructions as to how to vote the proxy at issue from ISS or, if time permits, the
            effected clients. These inquiries and discussions will be properly reflected in the
            GPVSC&rsquo;s minutes.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Duty to Report</font></i><font size="2">. Any AM employee, including
            any GPVSC member (whether voting or ex officio), that is aware of any actual or
            apparent conflict of interest relevant to, or any attempt by any person outside of the
            AM organization (but within Deutsche Bank and its affiliates) or any entity that
            identifies itself as a AM advisory client to influence, how AM votes its proxies has a
            duty to disclose the existence of the situation to the GPVSC Chair (or his or her
            designee) and the details of the matter to the Conflicts of Interest Management
            Sub-Committee. In the case of any person participating in the deliberations on a
            specific vote, such disclosure should be made before engaging in any activities or
            participating in any discussion pertaining to that vote.</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: justify">
            <i><font size="2">Recusal of Members</font></i><font size="2">. The GPVSC will recuse
            from participating in a specific proxy vote any GPVSC members (whether voting or ex
            officio) and/or any other person who (i) are personally involved in a material conflict
            of interest; or (ii) who, as determined by the Conflicts of Interest Management
            Sub-Committee, have actual knowledge of a circumstance or fact that could effect their
            independent judgment, in respect of such vote. The GPVSC will also exclude from
            consideration the views of any person (whether requested or volunteered) if the GPVSC
            or any member thereof knows, or if the Conflicts of Interest Management Sub-Committee
            has determined, that such other person has a material conflict of interest with respect
            to the particular proxy, or has attempted to influence the vote in any manner
            prohibited by these policies.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">If,
            after excluding all relevant GPVSC voting members pursuant to the paragraph above,
            there are three or more GPVSC voting members remaining, those remaining GPVSC members
            will determine how to vote the proxy in accordance with these Policies and Procedures.
            If there are fewer than three GPVSC voting members remaining, the GPVSC Chair will vote
            the proxy in accordance with the standard guidelines, will obtain instructions as to
            how to have the proxy voted from, if time permits, the effected clients and otherwise
            from ISS.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="385" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">B.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="321">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <u><font size="2">Investment Companies and Affiliated Public
                            Companies</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Investment Companies</font></i><font size="2">. As reflected in the
            Guidelines, all proxies solicited by open-end and closed-end investment companies are
            voted in accordance with the pre-determined guidelines of ISS, unless the investment
            company client directs AM to vote differently on a specific proxy or specific
            categories of proxies. However, regarding investment companies for which AM or an
            affiliate serves as investment adviser or principal underwriter, such proxies are voted
            in the same proportion as the vote of all other shareholders (i.e.,
            &ldquo;mirror&rdquo; or &ldquo;echo&rdquo; voting). Master fund proxies solicited from
            feeder funds are voted in accordance with applicable provisions of Section 12 of the
            Investment Company Act of 1940.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Subject to participation agreements with certain Exchange Traded Funds
            ("ETF") issuers that have received exemptive orders from the U.S. Securities and
            Exchange Commission allowing investing DWS funds to exceed the limits set forth in
            Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, DeAM will echo vote
            proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting
            shares globally when required to do so by participation agreements and SEC
            orders.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <i><font size="2">Affiliated Public Companies</font></i><font size="2">. For proxies
            solicited by non-investment company issuers of or within the Deutsche Bank
            organization, e.g., Deutsche bank itself, these proxies will be voted in the same
            proportion as the vote of other shareholders (i.e., &ldquo;mirror&rdquo; or
            &ldquo;echo&rdquo; voting).</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Note: With respect to the QP Trust (not registered under the Investment
            Company Act of 1940), the Fund is not required to engage in echo voting and the
            investment adviser will use these Guidelines, and may determine, with respect to the QP
            Trust, to vote contrary to the positions in the Guidelines, consistent with the
            Fund&rsquo;s best interest.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="348" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">C.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="284">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <u><font size="2">Other Procedures That Limit Conflicts of
                            Interest</font></u></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            and other entities in the Deutsche Bank organization have adopted a number of policies,
            procedures and internal controls that are designed to avoid various conflicts of
            interest, including those that may arise in connection with proxy voting,
            including:</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 style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <i><font size="2">Deutsche Bank Americas Restricted Activities
                            Policy</font></i><font size="2">. This policy provides for, among other
                            things, independence of AM employees from CIB, and information barriers
                            between AM and other affiliates. Specifically, no AM employee may be
                            subject to the supervision or control of any employee of CIB. No AM
                            employee shall have his or her compensation based upon his or her
                            contribution to any business activity within the Bank outside of the
                            business of AM, without the prior approval of Legal or Compliance.
                            Further, no employee of CIB shall have any input into the compensation
                            of a AM employee without the prior approval of Legal or Compliance.
                            Under the information barriers section of this policy, as a general
                            rule, AM employees who are associated with the investment process
                            should have no contact with employees of Deutsche Bank or its
                            affiliates, outside of PCAM, regarding specific clients, business
                            matters, or initiatives. Further, under no circumstances should proxy
                            votes be discussed with any Deutsche Bank employee outside of AM (and
                            should only be discussed on a need-to-know basis within AM).</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Other relevant internal policies include the Deutsche Bank Americas Code
            of Professional Conduct, the Deutsche Asset Management Information Sharing Procedures,
            the Deutsche Asset Management Code of Ethics, the Sarbanes-Oxley Senior Officer Code of
            Ethics, and the Deutsche Bank Group Code of Conduct. The GPVSC expects that these
            policies, procedures and internal controls will greatly reduce the chance that the
            GPVSC (or, its members) would be involved in, aware of or influenced by, an actual or
            apparent conflict of interest.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="202" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">V.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="139">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">RECORDKEEPING</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">At
            a minimum, the following types of records must be properly maintained and readily
            accessible in order to evidence compliance with this policy.</font></p>

            <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: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM will maintain a record of each vote cast by AM that
                            includes among other things, company name, meeting date, proposals
                            presented, vote cast and shares voted.</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: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The Proxy Vendor Oversight maintains records for each of
                            the proxy ballots it votes. Specifically, the records include, but are
                            not limited to:</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The proxy statement (and any additional solicitation
                            materials) and relevant portions of annual statements.</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Any additional information considered in the voting
                            process that may be obtained from an issuing company, its agents or
                            proxy research firms.</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Analyst worksheets created for stock option plan and
                            share increase analyses.</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Proxy Edge print-screen of actual vote
                            election.</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: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM will retain these Policies and Procedures and the
                            Guidelines; will maintain records of client requests for proxy voting
                            information; and will retain any documents the Proxy Vendor Oversight
                            or the GPVSC prepared that were material to making a voting decision or
                            that memorialized the basis for a proxy voting decision.</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: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The GPVSC also will create and maintain appropriate
                            records documenting its compliance with these Policies and Procedures,
                            including records of its deliberations and decisions regarding
                            conflicts of interest and their resolution.</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: 4pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; 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: 4pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">With respect to AM&rsquo;s investment company clients,
                            ISS will create and maintain records of each company&rsquo;s proxy
                            voting record for 12-month periods ended June 30. AM will compile the
                            following information for each matter relating to a portfolio security
                            considered</font> <i><font size="2">at any shareholder meeting held
                            during the period covered</font></i> <font size="2">by the report and
                            with respect to which the company was entitled to vote:</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The name of the issuer of the portfolio
                            security;</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The exchange ticker symbol of the portfolio security (if
                            symbol is available through reasonably practicable means);</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The Council on Uniform Securities Identification
                            Procedures number for the portfolio security (if the number is
                            available through reasonably practicable means);</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The shareholder meeting date;</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 style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">A brief identification of the matter voted
                            on;</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Whether the matter was proposed by the issuer or by a
                            security holder;</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Whether the company cast its vote on the
                            matter;</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">How the company cast its vote (e.g., for or against
                            proposal, or abstain; for or withhold regarding election of directors);
                            and</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: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top" width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="1">&ndash;</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 1pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Whether the company cast its vote for or against
                            management.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <u><font size="2">Note</font></u><font size="2">: This list is intended to provide
            guidance only in terms of the records that must be maintained in accordance with this
            policy. In addition, please note that records must be maintained in accordance with the
            applicable AM Records Management Policy.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">With respect to electronically stored records, &ldquo;properly
            maintained&rdquo; is defined as complete, authentic (unalterable) usable and backed-up.
            At a minimum, records should be retained for a period of not less than six years (or
            longer, if necessary to comply with applicable regulatory requirements), the first
            three years in an appropriate AM office.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="297" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">VI.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="233">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">THE GPVSC&rsquo;S OVERSIGHT ROLE</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">In
            addition to adopting the Guidelines and making proxy voting decisions on matters
            referred to it as set forth above, the GPVSC will monitor the proxy voting process by
            reviewing summary proxy information presented by ISS. The GPVSC will use this review
            process to determine, among other things, whether any changes should be made to the
            Guidelines. This review will take place at least quarterly and will be documented in
            the GPVSC&rsquo;s minutes.</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: justify">
            <b><font size="2">Attachment A &ndash; Global Proxy Voting Guidelines</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Deutsche Asset Management</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Global Proxy Voting Guidelines</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">As
            Amended October 2008</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">&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">Table of contents</font></b></p>

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

            <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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">I</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Board Of Directors And Executives</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">A</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Election Of Directors</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">B</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Classified Boards Of Directors</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">C</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Board And Committee Independence</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">D</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Liability And Indemnification Of Directors</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">E</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Qualifications Of Directors</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">F</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Removal Of Directors And Filling Of Vacancies</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">G</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Proposals To Fix The Size Of The Board</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="469" border="0">
                    <tr>
                        <td valign="top" nowrap width="29">
                            <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="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">H</font></p>
                        </td>

                        <td valign="top" nowrap width="421">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Proposals to Restrict Chief Executive Officer&rsquo;s
                            Service on Multiple Boards</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="485" border="0">
                    <tr>
                        <td valign="top" nowrap width="29">
                            <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="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">I</font></p>
                        </td>

                        <td valign="top" nowrap width="437">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Proposals to Restrict Supervisory Board Members Service
                            on Multiple Boards</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-ALIGN: left">
            &nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="288" border="0">
                    <tr>
                        <td valign="top" nowrap width="29">
                            <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="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">J</font></p>
                        </td>

                        <td valign="top" nowrap width="240">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Proposals to Establish Audit Committees</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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">II</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Capital Structure</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">A</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Authorization Of Additional Shares</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">B</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Authorization Of &ldquo;Blank Check&rdquo; Preferred
                            Stock</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">C</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Stock Splits/Reverse Stock Splits</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">D</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Dual Class/Supervoting Stock</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">E</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Large Block Issuance</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">F</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Recapitalization Into A Single Class Of Stock</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">G</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Share Repurchases</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">H</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Reductions In Par Value</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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">III</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Corporate Governance Issues</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">A</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Confidential Voting</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">B</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Cumulative Voting</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">C</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Supermajority Voting Requirements</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">D</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Shareholder Right To Vote</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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">IV</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Compensation</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">A</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Establishment of a Remuneration Committee</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">B</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Executive And Director Stock Option Plans</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 style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">C</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Employee Stock Option/Purchase Plans</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">D</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Golden Parachutes</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">E</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Proposals To Limit Benefits Or Executive
                            Compensation</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">F</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Option Expensing</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">G</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Management board election and motion</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">H</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Remuneration (variable pay)</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">I</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Long-term incentive plans</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">J</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Shareholder Proposals Concerning &ldquo;Pay For Superior
                            Performance&rdquo;</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">K</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Executive Compensation Advisory</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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">V</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Anti-Takeover Related Issues</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">A</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Shareholder Rights Plans (&ldquo;Poison
                            Pills&rdquo;)</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">B</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Reincorporation</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">C</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Fair-Price Proposals</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">D</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Exemption From State Takeover Laws</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">E</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Non-Financial Effects Of Takeover Bids</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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">VI</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Mergers &amp; Acquisitions</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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">VII</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Social &amp; Political Issues</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">A</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Labor &amp; Human Rights</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">B</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Diversity &amp; Equality</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">C</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Health &amp; Safety</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">D</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Government/Military</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">E</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Tobacco</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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">VIII</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Environmental Issues</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: 6pt" valign="top" width="29">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">IX</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Miscellaneous Items</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">A</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Ratification Of Auditors</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">B</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Limitation Of Non-Audit Services Provided By Independent
                            Auditor</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">C</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Audit Firm Rotation</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">D</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Transaction Of Other Business</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">E</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Motions To Adjourn The Meeting</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">F</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Bundled Proposals</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">G</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Change Of Company Name</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">H</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Proposals Related To The Annual Meeting</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 style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">I</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Reimbursement Of Expenses Incurred From Candidate
                            Nomination</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">J</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">Investment Company Proxies</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: 6pt" valign="top" width="29">
                            <p style="MARGIN: 6pt 0in 0in; TEXT-INDENT: 0in">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top" width="19">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">K</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 6pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 125.28%; TEXT-ALIGN: left">
                            <font size="2">International Proxy Voting</font></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: justify">
            <font size="2">These Guidelines may reflect a voting position that differs from the
            actual practices of the public company (ies) within the Deutsche Bank organization or
            of the investment companies for which AM or an affiliate serves as investment adviser
            or sponsor.</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: justify">
            <font size="2">NOTE: Because of the unique structure and regulatory scheme applicable
            to closed-end investment companies, the voting guidelines (particularly those related
            to governance issues) generally will be inapplicable to holdings of closed-end
            investment companies. As a result, determinations on the appropriate voting
            recommendation for closed-end investment company shares will be made on a case-by-case
            basis.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="278" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">I.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="215">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Board of Directors and Executives</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="198" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">A.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="135">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Election of Directors</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Routine: AM Policy is to vote &ldquo;for&rdquo; the uncontested election
            of directors. Votes for a director in an uncontested election will be withheld in cases
            where a director has shown an inability to perform his/her duties in the best interests
            of the shareholders.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Proxy contest: In a proxy contest involving election of directors, a
            case-by-case voting decision will be made based upon analysis of the issues involved
            and the merits of the incumbent and dissident slates of directors. AM will incorporate
            the decisions of a third party proxy research vendor, currently, Institutional
            Shareholder Services (&ldquo;ISS&rdquo;) subject to review by the Proxy Voting
            Sub-Committee (GPVSC) as set forth in the AM&rsquo;s Proxy Voting Policies and
            Procedures.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: The large majority of corporate directors fulfill their
            fiduciary obligation and in most cases support for management&rsquo;s nominees is
            warranted. As the issues relevant to a contested election differ in each instance,
            those cases must be addressed as they arise.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="250" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">B.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="187">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Classified Boards of Directors</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote against proposals to classify the board and for proposals to repeal
            classified boards and elect directors annually.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Directors should be held accountable on an annual basis. By
            entrenching the incumbent board, a classified board may be used as an anti-takeover
            device to the detriment of the shareholders in a hostile take-over
            situation.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="285" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">C.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="221">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Board and Committee
                            Independence</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote:</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;For&rdquo; proposals that require that a certain
                            percentage (majority up to 66 2/3%) of members of a board of directors
                            be comprised of independent or unaffiliated directors.</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;For&rdquo; proposals that require all members of
                            a company's compensation, audit, nominating, or other similar
                            committees be comprised of independent or unaffiliated
                            directors.</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 style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">3.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;Against&rdquo; shareholder proposals to require
                            the addition of special interest, or constituency, representatives to
                            boards of directors.</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">4.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;For&rdquo; separation of the Chairman and CEO
                            positions.</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">5.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;Against&rdquo; proposals that require a company
                            to appoint a Chairman who is an independent director.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Board independence is a cornerstone of effective governance
            and accountability. A board that is sufficiently independent from management assures
            that shareholders' interests are adequately represented. However, the Chairman of the
            board must have sufficient involvement in and experience with the operations of the
            company to perform the functions required of that position and lead the
            company.</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">No
            director qualifies as 'independent' unless the board of directors affirmatively
            determines that the director has no material relationship with the listed company
            (either directly or as a partner, shareholder or officer of an organization that has a
            relationship with the company).</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Whether a director is in fact not "independent" will depend on the laws
            and regulations of the primary market for the security and the exchanges, if any, on
            which the security trades.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="314" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <i><b><font size="2">D.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top" nowrap width="251">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <i><b><font size="2">Liability and Indemnification of
                            Directors</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; management proposals to limit directors' liability
            and to broaden the indemnification of directors, unless broader indemnification or
            limitations on directors' liability would effect shareholders' interests in pending
            litigation.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: While shareholders want directors and officers to be
            responsible for their actions, it is not in the best interests of the shareholders for
            them to be to risk averse. If the risk of personal liability is too great, companies
            may not be able to find capable directors willing to serve. We support expanding
            coverage only for actions taken in good faith and not for serious violations of
            fiduciary obligation or negligence.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="230" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">E.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="167">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Qualifications of Directors</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to follow management&rsquo;s recommended vote on either management or
            shareholder proposals that set retirement ages for directors or require specific levels
            of stock ownership by directors.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: As a general rule, the board of directors, and not the
            shareholders, is most qualified to establish qualification policies.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="341" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">F.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="277">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Removal of Directors and Filling of
                            Vacancies</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;against&rdquo; proposals that include provisions that
            directors may be removed only for cause or proposals that include provisions that only
            continuing directors may fill board vacancies.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Differing state statutes permit removal of directors with or
            without cause. Removal of directors for cause usually requires proof of self-dealing,
            fraud or misappropriation of corporate assets, limiting shareholders' ability to remove
            directors except under extreme circumstances. Removal without cause requires no such
            showing.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Allowing only incumbent directors to fill vacancies can serve as an
            anti-takeover device, precluding shareholders from filling the board until the next
            regular election.</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="293" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">G.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="229">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Proposals to Fix the Size of the
                            Board</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote:</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;For&rdquo; proposals to fix the size of the board
                            unless: (a) no specific reason for the proposed change is given; or (b)
                            the proposal is part of a package of takeover defenses.</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;Against&rdquo; proposals allowing management to
                            fix the size of the board without shareholder approval.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Absent danger of anti-takeover use, companies should be
            granted a reasonable amount of flexibility in fixing the size of its board.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="494" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">H.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="431">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Proposals to Restrict Chief Executive
                            Officer&rsquo;s Service on Multiple Boards</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;For&rdquo; proposals to restrict a Chief Executive Officer
            from serving on more than three outside boards of directors.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Chief Executive Officer must have sufficient time to ensure
            that shareholders&rsquo; interests are represented adequately.</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">Note: A
            director&rsquo;s service on multiple closed-end fund boards within a fund complex are
            treated as service on a single Board for the purpose of the proxy voting
            guidelines.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="632" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">I.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="568">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Proposals to Restrict Supervisory Board Members
                            Service on Multiple Boards</font></b></i> <b><font size="2">(For FFT
                            Securities)</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; proposals to restrict a Supervisory Board Member
            from serving on more than five supervisory boards.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: We consider a strong, independent and knowledgeable
            supervisory board as important counter-balance to executive management to ensure that
            the interests of shareholders are fully reflected by the company.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Full
            information should be disclosed in the annual reports and accounts to allow all
            shareholders to judge the success of the supervisory board controlling their
            company.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Supervisory Board Member must have sufficient time to ensure that
            shareholders&rsquo; interests are represented adequately.</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">Note: A
            director&rsquo;s service on multiple closed-end fund boards within a fund complex are
            treated as service on a single Board for the purpose of the proxy voting
            guidelines.</font></p>

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="480" border="0">
                    <tr>
                        <td valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <i><b><font size="2">J.</font></b></i></p>
                        </td>

                        <td valign="top" nowrap width="416">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <i><b><font size="2">Proposals to Establish Audit
                            Committees</font></b></i> <b><font size="2">(For FFT and U.S.
                            Securities)</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; proposals that require the establishment of audit
            committees.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: The audit committee should deal with accounting and risk
            management related questions, verifies the independence of the auditor with due regard
            to possible conflicts of interest. It also should determine the procedure of the audit
            process.</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="184" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">II.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Capital Structure</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="393" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">A.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="329">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Authorization of Additional Shares (For U.S.
                            Securities)</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; proposals to increase the authorization of existing
            classes of stock that do not exceed a 3:1 ratio of shares authorized to shares
            outstanding for a large cap company, and do not exceed a 4:1 ratio of shares authorized
            to shares outstanding for a small-midcap company (companies having a market
            capitalization under one billion U.S. dollars.).</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: While companies need an adequate number of shares in order to
            carry on business, increases requested for general financial flexibility must be
            limited to protect shareholders from their potential use as an anti-takeover device.
            Requested increases for specifically designated, reasonable business purposes (stock
            split, merger, etc.) will be considered in light of those purposes and the number of
            shares required.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="469" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">B.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="405">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Authorization of &ldquo;Blank Check&rdquo;
                            Preferred Stock (For U.S. Securities)</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote:</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;Against&rdquo; proposals to create blank check
                            preferred stock or to increase the number of authorized shares of blank
                            check preferred stock unless the company expressly states that the
                            stock will not be used for anti-takeover purposes and will not be
                            issued without shareholder approval.</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;For&rdquo; proposals mandating shareholder
                            approval of blank check stock placement.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Shareholders should be permitted to monitor the issuance of
            classes of preferred stock in which the board of directors is given unfettered
            discretion to set voting, dividend, conversion and other rights for the shares
            issued.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="262" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">C.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="199">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Stock Splits/Reverse Stock
                            Splits</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; stock splits if a legitimate business purpose is
            set forth and the split is in the shareholders' best interests. A vote is cast
            &ldquo;for&rdquo; a reverse stock split only if the number of shares authorized is
            reduced in the same proportion as the reverse split or if the effective increase in
            authorized shares (relative to outstanding shares) complies with the proxy guidelines
            for common stock increases (see, Section II.A, above.)</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Generally, stock splits do not detrimentally effect
            shareholders. Reverse stock splits, however, may have the same result as an increase in
            authorized shares and should be analyzed accordingly.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="249" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">D.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="185">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Dual Class/Supervoting Stock</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;against&rdquo; proposals to create or authorize additional
            shares of super-voting stock or stock with unequal voting rights.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: The &ldquo;one share, one vote&rdquo; principal ensures that
            no shareholder maintains a voting interest exceeding their equity interest in the
            company.</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="321" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">E.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="257">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Large Block Issuance (For U.S.
                            Securities)</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to address large block issuances of stock on a case-by-case basis,
            incorporating the recommendation of an independent third party proxy research firm
            (currently ISS) subject to review by the GPVSC as set forth in AM&rsquo;s Proxy
            Policies and Procedures.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Additionally, AM supports proposals requiring shareholder approval of
            large block issuances.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Stock issuances must be reviewed in light of the business
            circumstances leading to the request and the potential impact on shareholder
            value.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="328" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">F.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="264">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Recapitalization into a Single Class of
                            Stock</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; recapitalization plans to provide for a single
            class of common stock, provided the terms are fair, with no class of stock being unduly
            disadvantaged.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Consolidation of multiple classes of stock is a business
            decision that may be left to the board and/management if there is no adverse effect on
            shareholders.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="189" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">G.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Share Repurchases</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; share repurchase plans provided all shareholders
            are able to participate on equal terms.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Buybacks are generally considered beneficial to shareholders
            because they tend to increase returns to the remaining shareholders.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="218" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">H.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="155">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Reductions in Par Value</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; proposals to reduce par value, provided a
            legitimate business purpose is stated (e.g., the reduction of corporate tax
            responsibility.)</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Usually, adjustments to par value are a routine financial
            decision with no substantial impact on shareholders.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="253" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">III.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="189">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Corporate Governance Issues</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="194" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">A.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Confidential Voting</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; proposals to provide for confidential voting and
            independent tabulation of voting results and to vote &ldquo;against&rdquo; proposals to
            repeal such provisions.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Confidential voting protects the privacy rights of all
            shareholders. This is particularly important for employee-shareholders or shareholders
            with business or other affiliations with the company, who may be vulnerable to coercion
            or retaliation when opposing management. Confidential voting does not interfere with
            the ability of corporations to communicate with all shareholders, nor does it prohibit
            shareholders from making their views known directly to management.</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="305" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">B.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="241">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Cumulative Voting (For U.S.
                            Securities)</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;against&rdquo; shareholder proposals requesting cumulative
            voting and &ldquo;for&rdquo;management proposals to eliminate it. The protections
            afforded shareholders by cumulative voting are not necessary when a company has a
            history of good performance and does not have a concentrated ownership interest.
            Accordingly, a vote is cast &ldquo;against&rdquo; cumulative voting and
            &ldquo;for&rdquo; proposals to eliminate it if:</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">a)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The company has a five year return on investment greater
                            than the relevant industry index,</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">b)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">All directors and executive officers as a group
                            beneficially own less than 10% of the outstanding stock,</font>
                            <i><font size="2">and</font></i></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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">c)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">No shareholder (or voting block) beneficially owns 15%
                            or more of the company.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Thus, failure of any one of the three criteria results in a vote for
            cumulative voting in accordance with the general policy.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Cumulative voting is a tool that should be used to ensure
            that holders of a significant number of shares may have board representation; however,
            the presence of other safeguards may make their use unnecessary.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="282" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">C.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="219">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Supermajority Voting
                            Requirements</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;against&rdquo; management proposals to require a supermajority
            vote to amend the charter or bylaws and to vote &ldquo;for&rdquo; shareholder proposals
            to modify or rescind existing supermajority requirements.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">*Exception made when company holds a controlling position and seeks to
            lower threshold to maintain control and/or make changes to corporate
            by-laws.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Supermajority voting provisions violate the democratic
            principle that a simple majority should carry the vote. Setting supermajority
            requirements may make it difficult or impossible for shareholders to remove egregious
            by-law or charter provisions. Occasionally, a company with a significant insider held
            position might attempt to lower a supermajority threshold to make it easier for
            management to approve provisions that may be detrimental to shareholders. In that case,
            it may not be in the shareholders interests to lower the supermajority
            provision.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="229" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">D.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="165">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Shareholder Right to Vote</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;against&rdquo; proposals that restrict the right of
            shareholders to call special meetings, amend the bylaws, or act by written consent.
            Policy is to vote &ldquo;for&rdquo; proposals that remove such restrictions.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Any reasonable means whereby shareholders can make their
            views known to management or effect the governance process should be
            supported.</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="165" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">IV.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="101">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Compensation</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Annual Incentive Plans or Bonus Plans are often submitted to
            shareholders for approval. These plans typically award cash to executives based on
            company performance. Deutsche Bank believes that the responsibility for executive
            compensation decisions rest with the board of directors and/or the compensation
            committee, and its policy is not to second-guess the board&rsquo;s award of cash
            compensation amounts to executives unless a particular award or series of awards is
            deemed excessive. If stock options are awarded as part of these bonus or incentive
            plans, the provisions must meet Deutsche Bank&rsquo;s criteria regarding stock option
            plans, or similar stock-based incentive compensation schemes, as set forth
            below.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="453" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">A.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="389">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Establishment of a Remuneration
                            Committee</font></b></i> <b><font size="2">(For FFT
                            Securities)</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; proposals that require the establishment of a
            remuneration committee.</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">Rationale: Corporations should disclose in each annual report or proxy
            statement their policies on remuneration. Essential details regarding executive
            remuneration including share options, long-term incentive plans and bonuses, should be
            disclosed in the annual report, so that investors can judge whether corporate pay
            policies and practices meet the standard.</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
            remuneration committee shall not comprise any board members and should be sensitive to
            the wider scene on executive pay. It should ensure that performance-based elements of
            executive pay are designed to align the interests of shareholders.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="321" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">B.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="257">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Executive and Director Stock Option
                            Plans</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; stock option plans that meet the following
            criteria:</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The resulting dilution of existing shares is less than
                            (a) 15 percent of outstanding shares for large capital corporations or
                            (b) 20 percent of outstanding shares for small-mid capital companies
                            (companies having a market capitalization under one billion U.S.
                            dollars.)</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The transfer of equity resulting from granting options
                            at less than FMV is no greater than 3% of the over-all market
                            capitalization of large capital corporations, or 5% of market cap for
                            small-mid capital companies.</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">(3)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The plan does not contain express repricing provisions
                            and, in the absence of an express statement that options will not be
                            repriced; the company does not have a history of repricing
                            options.</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">(4)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">The plan does not grant options on super-voting
                            stock.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            will support performance-based option proposals as long as a) they do not mandate that
            all options granted by the company must be performance based, and b) only certain
            high-level executives are subject to receive the performance based options.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            will support proposals to eliminate the payment of outside director
            pensions.</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: justify">
            <font size="2">Rationale: Determining the cost to the company and to shareholders of
            stock-based incentive plans raises significant issues not encountered with cash-based
            compensation plans. These include the potential dilution of existing shareholders'
            voting power, the transfer of equity out of the company resulting from the grant and
            execution of options at less than FMV and the authority to reprice or replace
            underwater options. Our stock option plan analysis model seeks to allow reasonable
            levels of flexibility for a company yet still protect shareholders from the negative
            impact of excessive stock compensation. Acknowledging that small mid-capital
            corporations often rely more heavily on stock option plans as their main source of
            executive compensation and may not be able to compete with their large capital
            competitors with cash compensation, we provide slightly more flexibility for those
            companies.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="302" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">C.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="239">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Employee Stock Option/Purchase
                            Plans</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote for employee stock purchase plans (ESPP's) when the plan complies
            with Internal Revenue Code 423, allowing non-management employees to purchase stock at
            85% of FMV.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; employee stock option plans (ESOPs) provided they
            meet the standards for stock option plans in general. However, when computing dilution
            and transfer of equity, ESOPs are considered independently from executive and director
            option plans.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: ESOPs and ESPP&rsquo;s encourage rank-and-file employees to
            acquire an ownership stake in the companies they work for and have been shown to
            promote employee loyalty and improve productivity.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="189" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">D.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Golden Parachutes</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; proposals to require shareholder approval of golden
            parachutes and for proposals that would limit golden parachutes to no more than three
            times base compensation. Policy is to vote &ldquo;against&rdquo; more restrictive
            shareholder proposals to limit golden parachutes.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: In setting a reasonable limitation, AM considers that an
            effective parachute should be less attractive than continued employment and that the
            IRS has opined that amounts greater than three times annual salary, are
            excessive.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="389" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">E.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="325">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Proposals to Limit Benefits or Executive
                            Compensation</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;against&rdquo;</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Proposals to limit benefits, pensions or compensation
                            and</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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Proposals that request or require disclosure of
                            executive compensation greater than the disclosure required by
                            Securities and Exchange Commission (SEC) regulations.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Levels of compensation and benefits are generally considered
            to be day-to-day operations of the company, and are best left unrestricted by arbitrary
            limitations proposed by shareholders.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="184" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">F.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Option Expensing</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to support proposals requesting companies to expense stock
            options.</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: justify">
            <font size="2">Rationale: Although companies can choose to expense options voluntarily,
            the Financial Accounting Standards Board (FASB) does not yet require it, instead
            allowing companies to disclose the theoretical value of options as a footnote. Because
            the expensing of stock options lowers earnings, most companies elect not to do so.
            Given the fact that options have become an integral component of compensation and their
            exercise results in a transfer of shareholder value, AM agrees that their value should
            not be ignored and treated as &ldquo;no cost&rdquo; compensation. The expensing of
            stock options would promote more modest and appropriate use of stock options in
            executive compensation plans and present a more accurate picture of company operational
            earnings.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="428" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="51">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">G.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="361">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Management board election and
                            motion</font></b></i> <b><font size="2">(For FFT
                            Securities)</font></b></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: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;against&rdquo;:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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="2">&bull;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">the election of board members with positions on either
                            remuneration or audit committees;</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="2">&bull;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">the election of supervisory board members with too many
                            supervisory board mandates;</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="2">&bull;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">&ldquo;</font><i><font size="2">automatic</font></i><font size="2">
                            &rdquo; election of former board members into the supervisory
                            board.</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: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Management as an entity, and each of its members, are
            responsible for all actions of the company, and are - subject to applicable laws and
            regulations - accountable to the shareholders as a whole for their actions.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Sufficient information should be disclosed in the annual company report
            and account to allow shareholders to judge the success of the company.</font></p>

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="366" border="0">
                    <tr>
                        <td valign="top" nowrap width="16">
                            <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="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <i><b><font size="2">H.</font></b></i></p>
                        </td>

                        <td valign="top" nowrap width="303">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <i><b><font size="2">Remuneration (variable pay):</font></b></i>
                            <font size="2">(For FFT Securities)</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: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Executive remuneration for Management Board</font></b></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; remuneration for Management Board that is
            transparent and linked to results.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Executive compensation should motivate management and align
            the interests of management with the shareholders. The focus should be on criteria that
            prevent excessive remuneration; but enable the company to hire and retain first-class
            professionals.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Shareholder interests are normally best served when management is
            remunerated to optimise long-term returns. Criteria should include suitable
            measurements like return on capital employed or economic value added.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Interests should generally also be correctly aligned when management own
            shares in the company &ndash; even more so if these shares represent a substantial
            portion of their own wealth.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">Its
            disclosure shall differentiate between fixed pay, variable (performance related) pay
            and long-term incentives, including stock option plans with valuation ranges as well as
            pension and any other significant arrangements.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <b><font size="2">Executive remuneration for Supervisory Board</font></b></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; remuneration for Supervisory Board that is at least
            50% in fixed form.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: It would normally be preferable if performance linked
            compensation were not based on dividend payments, but linked to suitable result based
            parameters. Consulting and procurement services should also be published in the company
            report.</font></p>

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="349" border="0">
                    <tr>
                        <td valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <i><b><font size="2">I.</font></b></i></p>
                        </td>

                        <td valign="top" nowrap width="285">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <i><b><font size="2">Long-term incentive plans</font></b></i>
                            <b><font size="2">(For FFT Securities)</font></b></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: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; long-term incentive plans for members of a
            management board that reward for above average company performance.</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: justify">
            <font size="2">Rationale: Incentive plans will normally be supported if
            they:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; 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="2">&bull;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">directly align the interests of members of management
                            boards with those of shareholders;</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="2">&bull;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">establish challenging performance criteria to reward
                            only above average performance;</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="2">&bull;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">measure performance by total shareholder return in
                            relation to the market or a range of comparable companies;</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="2">&bull;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">are long-term in nature and encourage long-term
                            ownership of the shares once exercised through minimum holding
                            periods;</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="2">&bull;</font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">do not allow a repricing of the exercise price in stock
                            option plans.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="461" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">J.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="397">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Shareholder Proposals Concerning &ldquo;Pay for
                            Superior Performance&rdquo;</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to address pay for superior performance proposals on a case-by-case basis,
            incorporating the recommendation of an independent third party proxy research firm
            (currently ISS) subject to review by the GPVSC as set forth in AM&rsquo;s Proxy
            Policies and Procedures.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: While AM agrees that compensation issues are better left to
            the discretion of management, they appreciate the need to monitor for excessive
            compensation practices on a case by case basis. If, after a review of the ISS metrics,
            AM is comfortable with ISS&rsquo;s applying this calculation and will vote according to
            their recommendation.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="273" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">K.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="209">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Executive Compensation Advisory</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to follow management&rsquo;s recommended vote on shareholder proposals to
            propose an advisory resolution seeking to ratify the compensation of the
            company&rsquo;s named executive officers (NEOs) on an annual basis.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: AM believes that controls exist within senior management and
            corporate compensation committees, ensuring fair compensation to executives. This might
            allow shareholders to require approval for all levels of management&rsquo;s
            compensation.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="253" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">V.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="189">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Anti-Takeover Related Issues</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="316" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">A.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="252">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Shareholder Rights Plans (&ldquo;Poison
                            Pills&rdquo;)</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; proposals to require shareholder ratification of
            poison pills or that request boards to redeem poison pills, and to vote
            &ldquo;against&rdquo; the adoption of poison pills if they are submitted for
            shareholder ratification.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Poison pills are the most prevalent form of corporate
            takeover defenses and can be (and usually are) adopted without shareholder review or
            consent. The potential cost of poison pills to shareholders during an attempted
            takeover outweighs the benefits.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="174" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">B.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="111">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Reincorporation</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to examine reincorporation proposals on a case-by-case basis. The voting
            decision is based on: (1) differences in state law between the existing state of
            incorporation and the proposed state of incorporation; and (2) differences between the
            existing and the proposed charter/bylaws/articles of incorporation and their effect on
            shareholder rights. If changes resulting from the proposed reincorporation violate the
            corporate governance principles set forth in these guidelines, the reincorporation will
            be deemed contrary to shareholder&rsquo;s interests and a vote cast
            &ldquo;against.&rdquo;</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: justify">
            <font size="2">Rationale: Reincorporations can be properly analyzed only by looking at
            the advantages and disadvantages to their shareholders. Care must be taken that
            anti-takeover protection is not the sole or primary result of a proposed
            change.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="200" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">C.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="136">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Fair-Price Proposals</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; management fair-price proposals, provided that: (1)
            the proposal applies only to two-tier offers; (2) the proposal sets an objective
            fair-price test based on the highest price that the acquirer has paid for a company's
            shares; (3) the supermajority requirement for bids that fail the fair-price test is no
            higher than two-thirds of the outstanding shares; (4) the proposal contains no other
            anti-takeover provisions or provisions that restrict shareholders rights.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">A
            vote is cast for shareholder proposals that would modify or repeal existing fair-price
            requirements that do not meet these standards.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: While fair price provisions may be used as anti-takeover
            devices, if adequate provisions are included, they provide some protection to
            shareholders who have some say in their application and the ability to reject those
            protections if desired.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="281" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">D.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="217">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Exemption from state takeover
                            laws</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; shareholder proposals to opt out of state takeover
            laws and to vote &ldquo;against&rdquo; management proposals requesting to opt out of
            state takeover laws.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Control share statutes, enacted at the state level, may harm
            long-term share value by entrenching management. They also unfairly deny certain shares
            their inherent voting rights.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="301" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">E.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="237">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Non-financial Effects of Takeover
                            Bids</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Policy is to vote &ldquo;against&rdquo; shareholder proposals to require
            consideration of non-financial effects of merger or acquisition proposals.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Non-financial effects may often be subjective and are
            secondary to AM&rsquo;s stated purpose of acting in its client&rsquo;s best economic
            interest.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="220" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">VI.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="156">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Mergers &amp; Acquisitions</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Evaluation of mergers, acquisitions and other special corporate
            transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations,
            restructurings and recapitalizations) are performed on a case-by-case basis
            incorporating information from an independent proxy research source (currently ISS.)
            Additional resources including portfolio management and research analysts may be
            considered as set forth in AM&rsquo;s Policies and Procedures.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="314" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">VII.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="251">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Social, Environmental &amp; Political
                            Issues</font></b></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: justify">
            <font size="2">Social and environmental issues are becoming increasingly important to
            corporate success. We incorporate social and environmental considerations into both our
            investment decisions and our proxy voting decisions &ndash; particularly if the
            financial performance of the company could be impacted.</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: justify">
            <font size="2">With increasing frequency, shareholder proposals are submitted relating
            to social and political responsibility issues. Almost universally, the company
            management will recommend a vote &ldquo;against&rdquo; these proposals. These types of
            proposals cover an extremely wide range of issues. Many of the issues tend to be
            controversial and are subject to more than one reasonable, yet opposing, theory of
            support. More so than with other types of proxy proposals, social and political
            responsibility issues may not have a connection to the economic and corporate
            governance principles effecting shareholders&rsquo; interests. AM&rsquo;s policy
            regarding social and political responsibility issues, as with any other issue, is
            designed to protect our client shareholders&rsquo; economic interests.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Occasionally, a distinction is made between a shareholder proposal
            requesting direct action on behalf of the board and a request for a report on (or
            disclosure of) some information. In order to avoid unduly burdening any company with
            reporting requirements, AM&rsquo;s policy is to vote against shareholder proposals that
            demand additional disclosure or reporting than is required by the Securities and
            Exchange Commission unless it appears there is a legitimate issue and the company has
            not adequately addressed shareholders' concerns.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="214" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">A.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="151">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Labor &amp; Human Rights</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;against&rdquo; adopting global codes of conduct or workplace
            standards exceeding those mandated by law.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Additional requirements beyond those mandated by law are
            deemed unnecessary and potentially burdensome to companies</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="197" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">B.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="133">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Diversity &amp; Equality</font></b></i></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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM policy is to vote &ldquo;against&rdquo; shareholder
                            proposals to force equal employment opportunity, affirmative action or
                            board diversity.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Compliance with State and Federal legislation along with
            information made available through filings with the EEOC provides sufficient assurance
            that companies act responsibly and make information public.</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM policy is also to vote &ldquo;against&rdquo;
                            proposals to adopt the Mac Bride Principles. The Mac Bride Principles
                            promote fair employment, specifically regarding religious
                            discrimination.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Compliance with the Fair Employment Act of 1989 makes
            adoption of the Mac Bride Principles redundant. Their adoption could potentially lead
            to charges of reverse discrimination.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="172" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">C.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Health &amp; Safety</font></b></i></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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM policy is to vote &ldquo;against&rdquo; adopting a
                            pharmaceutical price restraint policy or reporting pricing policy
                            changes.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Pricing is an integral part of business for pharmaceutical
            companies and should not be dictated by shareholders (particularly pursuant to an
            arbitrary formula.) Disclosing pricing policies may also jeopardize a company&rsquo;s
            competitive position in the marketplace.</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM policy is to vote &ldquo;against&rdquo; shareholder
                            proposals to control the use or labeling of and reporting on
                            genetically engineered products.</font></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: justify">
            <font size="2">Rationale: Additional requirements beyond those mandated by law are
            deemed unnecessary and potentially burdensome to companies.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="201" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">D.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="137">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Government/Military</font></b></i></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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM policy is to vote against shareholder proposals
                            regarding the production or sale of military arms or nuclear or
                            space-based weapons, including proposals seeking to dictate a company's
                            interaction with a particular foreign country or agency.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Generally, management is in a better position to determine
            what products or industries a company can and should participate in. Regulation of the
            production or distribution of military supplies is, or should be, a matter of
            government policy.</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM policy is to vote &ldquo;against&rdquo; shareholder
                            proposals regarding political contributions and donations.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: The Board of Directors and Management, not shareholders,
            should evaluate and determine the recipients of any contributions made by the
            company.</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">3.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM policy is to vote &ldquo;against&rdquo; shareholder
                            proposals regarding charitable contributions and donations.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: The Board of Directors and Management, not shareholders,
            should evaluate and determine the recipients of any contributions made by the
            company.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="132" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">E.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="68">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Tobacco</font></b></i></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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">AM policy is to vote &ldquo;against&rdquo; shareholder
                            proposals requesting additional standards or reporting requirements for
                            tobacco companies as well as &ldquo;against&rdquo; requesting companies
                            to report on the intentional manipulation of nicotine
                            content.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Where a tobacco company&rsquo;s actions meet the requirements
            of legal and industry standards, imposing additional burdens may detrimentally effect a
            company's ability to compete. The disclosure of nicotine content information could
            affect the company's rights in any pending or future litigation.</font></p>

            <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: 12pt" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 12pt" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: justify">
                            <font size="2">Shareholder requests to spin-off or restructure tobacco
                            businesses will be opposed.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: These decisions are more appropriately left to the Board and
            management, and not to shareholder mandate.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="208" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">VIII.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="144">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Environmental Issues</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to follow management's recommended vote on CERES Principles or other similar
            environmental mandates (e.g., those relating to Greenhouse gas emissions or the use of
            nuclear power).</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Environmental issues are extensively regulated by outside
            agencies and compliance with additional requirements often involves significant cost to
            companies.</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="198" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">IX.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="135">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <b><font size="2">Miscellaneous Items</font></b></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="214" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">A.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="151">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Ratification of Auditors</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote &ldquo;for&rdquo; a) the management recommended selection of auditors
            and b) proposals to require shareholder approval of auditors.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Absent evidence that auditors have not performed their duties
            adequately, support for management&rsquo;s nomination is warranted.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="442" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">B.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="379">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Limitation of non-audit services provided by
                            independent auditor</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to support proposals limiting non-audit fees to 50% of the aggregate annual
            fees earned by the firm retained as a company's independent auditor.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: In the wake of financial reporting problems and alleged audit
            failures at a number of companies, AM supports the general principle that companies
            should retain separate firms for audit and consulting services to avoid potential
            conflicts of interest. However, given the protections afforded by the recently enacted
            Sarbanes-Oxley Act of 2002 (which requires Audit Committee pre-approval for non-audit
            services and prohibits auditors from providing specific types of services), and the
            fact that some non-audit services are legitimate audit-related services, complete
            separation of audit and consulting fees may not be warranted. A reasonable limitation
            is appropriate to help ensure auditor independence and it is reasonable to expect that
            audit fees exceed non-audit fees.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="189" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">C.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Audit firm rotation</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to support proposals seeking audit firm rotation unless the rotation period
            sought is less than five years.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: While the Sarbanes-Oxley Act mandates that the lead audit
            partner be switched every five years, AM believes that rotation of the actual audit
            firm would provide an even stronger system of checks and balances on the audit
            function.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="252" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">D.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="188">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Transaction of Other Business</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote against &ldquo;transaction of other business&rdquo;
            proposals.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: This is a routine item to allow shareholders to raise other
            issues and discuss them at the meeting. As the nature of these issues may not be
            disclosed prior to the meeting, we recommend a vote against these proposals. This
            protects shareholders voting by proxy (and not physically present at a meeting) from
            having action taken at the meeting that they did not receive proper notification of or
            sufficient opportunity to consider.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="261" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">E.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="197">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Motions to Adjourn the Meeting</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            Policy is to vote against proposals to adjourn the meeting.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Management may seek authority to adjourn the meeting if a
            favorable outcome is not secured. Shareholders should already have had enough
            information to make a decision. Once votes have been cast, there is no justification
            for management to continue spending time and money to press shareholders for
            support.</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="189" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">F.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="125">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Bundled Proposals</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to vote against bundled proposals if any bundled issue would require a vote
            against it if proposed individually.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Shareholders should not be forced to &ldquo;take the good
            with the bad&rdquo; in cases where the proposals could reasonably have been submitted
            separately.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="232" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">G.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="168">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Change of Company Name</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to support management on proposals to change the company name.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: This is generally considered a business decision for a
            company.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="310" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">H.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="247">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Proposals Related to the Annual
                            Meeting</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            Policy is to vote in favor of management for proposals related to the conduct of the
            annual meeting (meeting time, place, etc.)</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: These are considered routine administrative
            proposals.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="452" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">I.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="388">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Reimbursement of Expenses Incurred from Candidate
                            Nomination</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">AM
            policy is to follow management&rsquo;s recommended vote on shareholder proposals
            related to the amending of company bylaws to provide for the reimbursement of
            reasonable expenses incurred in connection with nominating one or more candidates in a
            contested election of directors to the corporation&rsquo;s board of
            directors.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Rationale: Corporations should not be liable for costs associated with
            shareholder proposals for directors.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="245" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">J.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="181">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">Investment Company Proxies</font></b></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Proxies solicited by investment companies are voted in accordance with
            the recommendations of an independent third party, currently ISS. However, regarding
            investment companies for which AM or an affiliate serves as investment adviser or
            principal underwriter, such proxies are voted in the same proportion as the vote of all
            other shareholders. Proxies solicited by master funds from feeder funds will be voted
            in accordance with applicable provisions of Section 12 of the Investment Company Act of
            1940.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Investment companies, particularly closed-end investment companies, are
            different from traditional operating companies. These differences may call for
            differences in voting positions on the same matter. For example, AM could vote
            &ldquo;for&rdquo; staggered boards of closed-end investment companies, although AM
            generally votes &ldquo;against&rdquo; staggered boards for operating companies.
            Further, the manner in which AM votes investment company proxies may differ from
            proposals for which a AM-advised investment company solicits proxies from its
            shareholders. As reflected in the Guidelines, proxies solicited by closed-end (and
            open-end) investment companies are voted in accordance with the pre-determined
            guidelines of an independent third-party.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Subject to participation agreements with certain Exchange Traded Funds
            ("ETF") issuers that have received exemptive orders from the U.S. Securities and
            Exchange Commission allowing investing DWS funds to exceed the limits set
            forth</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"><font size="2">in
            Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, DeAM will echo vote
            proxies for ETFs in which Deutsche Bank holds more than 25% of outstanding voting
            shares globally when required to do so by participation agreements and SEC
            orders.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">
            <font size="2">Note: With respect to the QP Trust (not registered under the Investment
            Company Act of 1940), the Fund is not required to engage in echo voting and the
            investment adviser will use these Guidelines, and may determine, with respect to the QP
            Trust, to vote contrary to the positions in the Guidelines, consistent with the
            Fund&rsquo;s best interest.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="234" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="16">
                            <p style="MARGIN-TOP: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">K.</font></b></i></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0.25in" valign="top" nowrap width="171">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 120.96%; TEXT-ALIGN: left">
                            <i><b><font size="2">International Proxy Voting</font></b></i></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 guidelines pertain to issuers organized in the United States, Canada and Germany.
            Proxies solicited by other issuers are voted in accordance with international
            guidelines or the recommendation of ISS and in accordance with applicable law and
            regulation.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="BORDER-RIGHT: 0.5pt solid; PADDING-RIGHT: 0px; BORDER-TOP: 0.5pt solid; MARGIN-TOP: 0pt; PADDING-LEFT: 4px; MARGIN-BOTTOM: 0pt; PADDING-BOTTOM: 2px; MARGIN-LEFT: 0.06in; BORDER-LEFT: 0.5pt solid; PADDING-TOP: 1px; BORDER-BOTTOM: 0.5pt solid; TEXT-ALIGN: justify">
            <font size="2">IMPORTANT: The information contained herein is the property of Deutsche
            Bank Group and may not be copied, used or disclosed in whole or in part, stored in a
            retrieval system or transmitted in any form or by any means (electronic, mechanical,
            reprographic, recording or otherwise) without the prior written permission of Deutsche
            Bank Group.</font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&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>

            <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">
                            &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>

                    <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>

            <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>

            <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 31 years of investment industry
                            experience.</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">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">
                            &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 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">
                            &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 21 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">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>

            <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: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</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 style="TEXT-ALIGN: center" align="center"><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 style="TEXT-ALIGN: center" align="center"><b><font size="2">Dollar
                            Range of</font></b></p>

                            <p style="TEXT-ALIGN: center" align="center"><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 style="TEXT-ALIGN: center" align="center"><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">$1 - $10,000</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">$50,001 - $100,000</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 3pt; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="181">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3pt; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" width="156">
                            <p>&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 3pt; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="225">
                            <p style="MARGIN-TOP: 0in">&nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; 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>

            <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">$6,599,766,232</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">$4,003,941,054</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: 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">Other Pooled Investment Vehicles Managed:</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">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; 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>
                </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>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; 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">
                            &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: 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">
                            <font size="2">1</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="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">$1,349,539</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="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: 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">
                            <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">&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>

            <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="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-INDENT: 0.5in; 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>

            <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">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 conflicts by aligning its
                            portfolio management teams by investment strategy and by employing
                            similar investment models across multiple client accounts.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-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">
                            <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; MARGIN-LEFT: 0.25in; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify">
            &nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; 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>

            <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="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>

                    <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="652" border="0">
                    <tr style="HEIGHT: 95pt">
                        <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: 95pt" valign="bottom" nowrap width="205">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; TEXT-ALIGN: left">
                            &nbsp;</p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 2.25pt; 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: 95pt" valign="bottom" nowrap width="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(a)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Total Number of</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">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: 95pt" valign="bottom" nowrap width="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(b)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Average Price Paid</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">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: 95pt" valign="bottom" nowrap width="120">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(c)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Total Number of</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Shares Purchased as</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Part of Publicly Announced</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">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: 95pt" valign="bottom" nowrap width="159">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(d)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Maximum Number of</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Shares that May Yet Be</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Purchased Under the</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Plans or Programs&nbsp;</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">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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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">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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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>

            <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="652" 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">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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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="84">
                            <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="84">
                            <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>

                        <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="159">
                            <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>

            <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
                            Guidelines. Shareholders may recommend candidates for Board positions
                            by forwarding their correspondence by U.S. mail or courier service to
                            Chairman of the Board, P.O. Box 100176, Cape Coral, FL
                            33910.</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;&nbsp;There have been
                            no changes in the registrant&rsquo;s internal control over financial
                            reporting that occurred during the second fiscal quarter of the period
                            covered by this 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>

            <div title="EE+ Page Break" style="PAGE-BREAK-AFTER: always">
                <hr align="center" width="100%" noshade size="2">
            </div>
        </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">January 28, 2009</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">January 28, 2009</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>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 28,
            2009</font></p>

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

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>6
<FILENAME>code_ethics010109.htm
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<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.79in;text-align:left;'><img src="img1.jpg"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.95in;text-align:left;'><font color="#001C9B"><font size=6>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.94in;text-align:left;'><font color="#333399"><b><font size=6>DWS Investments </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.94in;text-align:left;'><font color="#333399"><b><font size=5>Principal Executive and Principal Financial Officer Code of Ethics</font><font size=6> </font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.94in;text-align:left;'><font color="#333399"><font size=6>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.94in;text-align:left;'><font color="#333399"><b><font size=2>For the Registered Management Investment Companies Listed on Appendix A</font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#333399"><font size=2>&nbsp;</font></font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align: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 color="#333399"><font size=2>&nbsp;</font></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font color="#333399"><b><font size=1>Effective Date</font></b></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font color="#333399"><b><font size=1>[January 31, 2005]</font></b></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;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=3>Table of Contents</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><u><b><font size=2><a href="#TOC2">Page NumberPage Number</a></font></b></u></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="703" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="656" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC3"><U><B><font SIZE=3>I.</font></B></U>                                     <u><b><font size=3>Overview</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC3"><u><b><font size=3>3</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="703" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="656" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC4"><U><B><font SIZE=3>II.</font></B></U>                               <u><b><font size=3>Purposes of the Officer Code</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC4"><u><b><font size=3>3</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

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    <tr >
        <td width="16" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6.0pt;margin-bottom: 6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="656" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC5"><U><B><font SIZE=3>III.</font></B></U>                         <u><b><font size=3>Responsibilities of Covered Officers</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top style='padding:6.0pt 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC5"><u><b><font size=3>4</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

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    <tr >
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="640" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC6"><U><B><font SIZE=3>A.</font></B></U>                              <u><b><font size=3>Honest and Ethical Conduct</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC6"><u><b><font size=3>4</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

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    <tr >
        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="640" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC7"><U><B><font SIZE=3>B.</font></B></U>                               <u><b><font size=3>Conflicts of Interest</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC7"><u><b><font size=3>4</font></b></u></a></p> </td> </tr></table>
</div>



<div align=left>

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        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="640" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC8"><U><B><font SIZE=3>C.</font></B></U>                              <u><b><font size=3>Use of Personal Fund Shareholder Information</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC8"><u><b><font size=3>6</font></b></u></a></p> </td> </tr></table>
</div>



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        <td width="32" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="640" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC9"><U><B><font SIZE=3>D.</font></B></U>                              <u><b><font size=3>Public Communications</font></b></u></a></p> </td>
        <td width="31" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC9"><u><b><font size=3>6</font></b></u></a></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC10"><u><b><font size=3>6</font></b></u></a></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'><a href="#TOC11"><U><B><font SIZE=3>IV.</font></B></U>                        <u><b><font size=3>Violation Reporting</font></b></u></a></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC13"><u><b><font size=3>7</font></b></u></a></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'><a href="#TOC14"><u><b><font size=3>7</font></b></u></a></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:.0001pt'><B><font SIZE=3>I.</font></B></p>  </td>
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<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:1in;text-align:left;'><b><font size=3>Overview</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; margin-left:0.5in;text-align:justify;'><font size=2>This Principal Executive Officer and Principal Financial Officer Code of Ethics (&#147;Officer Code&#148;) 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 (&#147;Funds&#148;) they serve (&#147;Covered Officers&#148;).  A list of Covered Officers and Funds is included on Appendix A.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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&#146;s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Deutsche Asset Management, Inc. or its affiliates (&#147;DeAM&#148;) 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.<sup>1</sup>  In addition, such individuals also must comply with other applicable Fund policies and procedures.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund&#146;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.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer and his or her contact information can be found in Appendix A.</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Purposes of the Officer Code</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The purposes of the Officer Code are to deter wrongdoing and to:</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=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>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&#146;s responsibilities;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>promote compliance with applicable laws, rules and regulations;</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>encourage the prompt internal reporting of violations of the Officer Code to the DeAM Compliance Officer; and </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left: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="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>establish accountability for adherence to the Officer Code.</font></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>1&nbsp;</sup></font><font size=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.</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; margin-left:0.5in;text-align:left;'><font size=2>Any questions about the Officer Code should be referred to DeAM&#146;s Compliance Officer.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>
<a name="toc5"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>III.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Responsibilities of Covered Officers</font></b></p> </td> </tr></table>
</div>

<a name="toc6"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>A.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Honest and Ethical Conduct</font></b></p> </td> </tr></table>
</div>


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

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

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc7"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>B.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Conflicts of Interest</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>A &#147;conflict of interest&#148; occurs when a Covered Officer&#146;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&#146;s expense or to the Fund&#146;s detriment.  Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund&#146;s expense or to the Fund&#146;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. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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 &#147;affiliated persons&#148; 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. </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; margin-left:0.5in;text-align:justify;'><font size=2>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&#146;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 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.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer&#146;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&#146;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).</font></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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.<sup>2</sup>  The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#146;s Board (or committee thereof).  Otherwise, such costs will be borne by DeAM or other appropriate Fund service provider.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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&#146;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&#146;s Board (or committee thereof), as appropriate.  However, the DeAM Compliance Officer must refer the matter to the Fund&#146;s Board (or
committee thereof) if the DeAM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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).</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>2&nbsp;</sup></font><font size=1>For example, retaining a Fund&#146;s independent accounting firm may require pre-approval by the Fund&#146;s audit committee.</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; margin-left:0.5in;text-align:justify;'><font size=2>Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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&#146;s requirements.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc8"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>C.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Use of Personal Fund Shareholder Information</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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&#146; and DeAM&#146;s privacy policies under SEC Regulation S-P. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc9"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>D.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Public Communications</font></b></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; margin-left:0.5in;text-align:justify;'><font size=2>In connection with his or her responsibilities for or involvement with a Fund&#146;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&#146;s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.  </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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&#146;s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>To the extent that Covered Officers participate in the creation of a Fund&#146;s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc10"></a>&nbsp;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>E.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Compliance with Applicable Laws, Rules and Regulations</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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 (&#147;Applicable Laws&#148;). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.  </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; margin-left:0.5in;text-align:justify;'><font size=2>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.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc11"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>IV.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Violation Reporting</font></b></p> </td> </tr></table>
</div>

<a name="toc12"></a>&nbsp;


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>A.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Overview</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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.</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-indent:0.5in;text-align:left;'><font size=2>Examples of violations of the Officer Code include, but are not limited to, the following:</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Unethical or dishonest behavior </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Failure to report violations of the Officer Code</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Known or obvious deviations from Applicable Laws</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Failure to acknowledge and certify adherence to the Officer Code</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; margin-left:0.5in;text-align:justify;'><font size=2>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&#146;s Board, the independent Board members, a Board committee, the Fund&#146;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.<sup>3</sup> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#146;s Board (or committee thereof).  Otherwise, such costs will be borne by DeAM.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc13"></a>&nbsp;


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>B.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>How to Report</font></b></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Any known or suspected violations of the Officer Code must be promptly reported to the DeAM Compliance Officer.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc14"></a>&nbsp;


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>C.</font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Process for Violation Reporting to the Fund Board</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will promptly report any violations of the Code to the Fund&#146;s Board (or committee thereof). </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc15"></a>&nbsp;


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>D.</font></B></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Sanctions for Code Violations</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Violations of the Code will be taken seriously.  In response to reported or otherwise known violations, DeAM and the relevant Fund&#146;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&#146;s Board could include termination of association with the Fund.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>3&nbsp;</sup></font><font size=1>For example, retaining a Fund&#146;s independent accounting firm may require pre-approval by the Fund&#146;s audit committee.</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<a name="toc16"></a>&nbsp;


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        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>V.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Waivers from the Officer Code</font></b></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; margin-left:0.5in;text-align:justify;'><font size=2>A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAM Compliance Officer.<sup>4</sup>  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 to the Fund&#146;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&#146;s Board (or committee thereof) regarding such activities, as appropriate.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font color="#000080"><font size=2>&nbsp;</font></font></p>
<a name="toc17"></a>&nbsp;


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        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>VI.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Amendments to the Code</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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&#146;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. </font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc18"></a>&nbsp;


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        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>VII.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Acknowledgement and Certification of Adherence to the Officer Code</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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).</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer&#146;s obligation.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>The DeAM Compliance Officer will maintain such Acknowledgements in the Fund&#146;s books and records.</font></p>

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


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        <td width="24" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>VIII.</font></B></p> </td>
        <td width="248" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Scope of Responsibilities</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.53in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.53in;text-align:left;'><font size=2>A Covered Officer&#146;s responsibilities under the Officer Code are limited to:</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2><sup>4&nbsp;</sup></font><font size=1>Of course, it is not a waiver of the Officer Code if the Fund&#146;s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code&#146;s requirements or is otherwise not covered by the Code.</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-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>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 (</font><i><font size=2>i.e.</font></i><font size=2>, matters within the scope of the Covered Officer&#146;s responsibilities as a Fund officer); and</font></p> </td> </tr></table>
</div>



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        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Fund matters of which the Officer has actual knowledge.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc19"></a>&nbsp;


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        <td width="48" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>IX.</font></B></p> </td>
        <td width="156" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Recordkeeping</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:0.25in; text-indent:0.25in;text-align:justify;'><font size=3>&nbsp;</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>
<a name="toc20"></a>&nbsp;


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        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=3>X.</font></B></p> </td>
        <td  valign=top style='padding:12.0pt 0in 3.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=3>Confidentiality</font></b></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:justify;'><font size=2>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&#146;s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.</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; margin-left:0.5in;text-align:left;'>
<b><font size=3><a name="toc21"></a>Appendices</font></b></p>

<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><b><font size=2><a name="toc22"></a>Appendix A:  </font></b></p>

<p style=' margin-bottom:0pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><b><font size=2>List of Officers Covered under the Code, by Board:</font></b></p>

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

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


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<table border="0" cellspacing=0 cellpadding=0 width="708" style='margin-left:0in;border-collapse:collapse;  '>
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        <td width="228" valign=top style='border-top:double 2.25pt; border-left:double 2.25pt;border-bottom:solid 1.0pt;border-right:solid 1.0pt; border-color:black;  background:white;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Fund Board</font></b></p> </td>
        <td width="168" valign=top style='border-top:double black 2.25pt; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  background:white;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Principal Executive Officers</font></b></p> </td>
        <td width="156" valign=top style='border-top:double black 2.25pt; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  background:white;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Principal Financial Officers</font></b></p> </td>
        <td width="156" valign=top style='border-top:double black 2.25pt; border-left:none;border-bottom:solid black 1.0pt;border-right:double black 2.25pt;  background:white;padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Treasurer</font></b></p> </td> </tr>
    <tr >
        <td width="228" valign=top style='border-top:none;border-left: double black 2.25pt;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Funds</font></p> </td>
        <td width="168" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Clark</font></p> </td>
        <td width="156" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td width="156" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:double black 2.25pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td> </tr>
    <tr >
        <td width="228" valign=top style='border-top:none;border-left: double black 2.25pt;border-bottom:double black 2.25pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Germany*</font></p> </td>
        <td width="168" valign=top style='border-top:none;border-left: none;border-bottom:double black 2.25pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Clark</font></p> </td>
        <td width="156" valign=top style='border-top:none;border-left: none;border-bottom:double black 2.25pt;border-right:solid black 1.0pt;   padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</font></p> </td>
        <td width="156" valign=top style='border-top:none;border-left: none;border-bottom:double black 2.25pt;border-right:double black 2.25pt;  padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Paul Schubert</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="514" style='border-collapse:collapse'>
    <tr >
        <td width="16" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="499" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>* Central Europe and Russia, European Equity, and New Germany Funds</font></p> </td> </tr></table>
</div>

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

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

<p style=' margin-bottom:3pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><b><font size=2>DeAM Compliance Officer:</font></b></p>

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>212-454-7443</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>212-454-4703 fax</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="683" style='border-collapse:collapse'>
    <tr >
        <td width="539" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:12pt;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>As of:</font></b></p> </td>
        <td width="96" nowrap valign=top style='padding:12.0pt 0in 3.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Jan 1, 2009</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:3pt; margin-top:12pt;text-align:right;'><b><font size=2>Appendix B: Acknowledgement and Certification </font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=4>Initial Acknowledgement and Certification</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=4>of Obligations Under the Officer Code</font></p>

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

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


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    <tr >
        <td width="15" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <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="235" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Print Name</font></p> </td>
        <td width="188" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Department</font></p> </td>
        <td width="141" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Location</font></p> </td>
        <td width="86" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Telephone</font></p> </td> </tr></table>
</div>

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

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

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


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    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (&#147;Officer Code&#148;), and therefore subject to all of its requirements and provisions.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have disclosed any conflicts of interest of which I am aware to the DeAM Compliance Officer.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I will report any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.</font></p> </td> </tr></table>
</div>


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

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Signature</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Date</font></p>


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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=4>Annual Acknowledgement and Certification</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=4>of Obligations Under the Officer Code</font></p>

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="664" style='border-collapse:collapse'>
    <tr >
        <td width="15" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <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="235" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Print Name</font></p> </td>
        <td width="188" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Department</font></p> </td>
        <td width="141" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Location</font></p> </td>
        <td width="86" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Telephone</font></p> </td> </tr></table>
</div>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;border-top:solid 0.5pt;padding-top:1;'><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 style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (&#147;Officer Code&#148;), and therefore subject to all of its requirements and provisions.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have adhered to the Officer Code.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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&#146;s requirements.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.</font></p> </td>
        <td  valign=top style='padding:0in 0in 6.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.</font></p> </td> </tr></table>
</div>


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

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

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

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="579" style='border-collapse:collapse'>
    <tr >
        <td width="15" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <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="515" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Signature</font></p> </td>
        <td width="49" nowrap valign=top style='border-top: solid black 1.0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date</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:3pt; margin-top:12pt; margin-left:0.5in;text-align:left;'><b><font size=2><a name="toc24"></a>Appendix C:  Definitions</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; margin-left:0.5in;text-align:left;'><b><font size=2>Principal Executive Officer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><b><font size=2>Principal Financial Officer</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.</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; margin-left:0.5in;text-align:left;'><b><font size=2>Registered Investment Management Investment Company</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>Registered investment companies other than a face-amount certificate company or a unit investment trust.</font></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>A waiver is an approval of an exemption from a Code requirement.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><b><font size=2>Implicit Waiver</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>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&#146;s Board (or committee thereof).</font></p>


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


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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>8
<FILENAME>cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<TITLE> </TITLE>
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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> </p>

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

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

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

<p style=' margin-bottom:3pt; margin-top:12pt;text-align:left;'><b><font size=2>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='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='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;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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </font></p> </td> </tr></table>
</div>


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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 28, 2009</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>

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

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

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

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

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

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, 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='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='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='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='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;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 second fiscal quarter of the period covered by this 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>January 28, 2009</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
</div>

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



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


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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>11
<FILENAME>cert906.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> </p>

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

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

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

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

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

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

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

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

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

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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</div>


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

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 28, 2009</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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'>
<img src="img2.gif"><br> </p>

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

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

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

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

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

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

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

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

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

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


<div align=left>

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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N-CSR (the &#147;Report&#148;) fully complies with the requirements of &sect; 13 (a) or &sect;&nbsp;15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p> </td> </tr></table>
</div>


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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="590" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 28, 2009</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/Paul Schubert</font></u></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:3pt'><font size=2>Paul Schubert </font></p>  </td> </tr>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:5pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:5pt'><font color="#454545"><font size=2>Chief Financial Officer and Treasurer</font></font></p>  </td> </tr>
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        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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


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