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<SEC-DOCUMENT>0000088053-10-000198.txt : 20100205
<SEC-HEADER>0000088053-10-000198.hdr.sgml : 20100205
<ACCEPTANCE-DATETIME>20100205114424
ACCESSION NUMBER:		0000088053-10-000198
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20091130
FILED AS OF DATE:		20100205
DATE AS OF CHANGE:		20100205
EFFECTIVENESS DATE:		20100205

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:		10576198

	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>ar113009mit.htm
<DESCRIPTION>DWS MUNICIPAL INCOME TRUST
<TEXT>
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        <title></title>
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            <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="303" border="0">
                    <tr>
                        <td valign="top" nowrap width="211">
                            <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="92">
                            <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: left">&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 size="2">(Address of Principal Executive Offices) (Zip Code)</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">11/30/09</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>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="center" bgcolor="#0091ff">
                    <p class="CLASS_4" align="left">&nbsp;</p>

                    <p class="CLASS_122" align="center"><font color="#ffffff">NOVEMBER 30, 2009</font></p>

                    <h1 class="CLASS_121" align="center"><font color="#ffffff">Annual Report<br>
                    to Shareholders</font></h1>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left" bgcolor="#0091ff">
                    <p class="CLASS_4" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="center">
                    <p class="CLASS_4" align="left">&nbsp;</p>

                    <p class="CLASS_123" 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_cover1c0" src="mit_cover1c0.gif"></td>
            </tr>
        </table>

        <p class="CLASS_121" id="mit.html.2" align="left"><b><font color="#0091ff" size="+1">Contents</font></b></p>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left">
                    <p class="CLASS_120" 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_120" 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_120" align="left"><b><a href="#portsum"><font color="#0091ff" size="-1">11</font></a></b> <font color="#000000">Portfolio Summary</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#portfolio"><font color="#0091ff" size="-1">12</font></a></b> <font color="#000000">Investment Portfolio</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#fins"><font color="#0091ff" size="-1">22</font></a></b> <font color="#000000">Financial Statements</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#high"><font color="#0091ff" size="-1">26</font></a></b> <font color="#000000">Financial Highlights</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#notes"><font color="#0091ff" size="-1">28</font></a></b> <font color="#000000">Notes to Financial Statements</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#ria"><font color="#0091ff" size="-1">35</font></a></b> <font color="#000000">Report of Independent Registered Public Accounting Firm</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#tax"><font color="#0091ff" size="-1">36</font></a></b> <font color="#000000">Tax Information</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#other"><font color="#0091ff" size="-1">36</font></a></b> <font color="#000000">Other Information</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#drp"><font color="#0091ff" size="-1">37</font></a></b> <font color="#000000">Dividend Reinvestment Plan</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#ima"><font color="#0091ff" size="-1">39</font></a></b> <font color="#000000">Investment Management Agreement Approval</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#to"><font color="#0091ff" size="-1">44</font></a></b> <font color="#000000">Board Members and Officers</font></p>

                    <p class="CLASS_120" align="left"><b><a href="#addinfo"><font color="#0091ff" size="-1">48</font></a></b> <font color="#000000">Additional Information</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_41" 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_41" 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_41" 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_121" 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, 2009</font></b></p>

        <p class="CLASS_41" 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_41" align="left"><b><font color="#000000" size="-2">Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A Fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision. </font></b></p>

        <p class="CLASS_41" 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_41" align="left"><font color="#000000" size="-2">Returns and rankings based on net asset value during the 3-year, 5-year and 10-year 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_113" 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 11/30/09</font></p>
                </td>
            </tr>

            <tr class="CLASS_12">
                <td class="CLASS_73" 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_105" 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_105" 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_105" 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_105" 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_2">
                <td class="CLASS_72" 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_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><b><font color="#000000" size="-2">32.65%</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><b><font color="#000000" size="-2">5.78%</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><b><font color="#000000" size="-2">5.53%</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><b><font color="#000000" size="-2">7.51%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_72" 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_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><b><font color="#000000" size="-2">48.52%</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><b><font color="#000000" size="-2">7.67%</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><b><font color="#000000" size="-2">5.16%</font></b></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><b><font color="#000000" size="-2">7.70%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_72" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Barclays Capital Municipal Bond Index<sup>(b)</sup></font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><font color="#000000" size="-2">14.17%</font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><font color="#000000" size="-2">4.17%</font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><font color="#000000" size="-2">4.50%</font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><font color="#000000" size="-2">5.64%</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_72" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Lipper General Closed-End Municipal Debt Funds (Leveraged) Category<sup>(c)</sup></font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><font color="#000000" size="-2">29.45%</font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><font color="#000000" size="-2">0.53%</font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><font color="#000000" size="-2">3.50%</font></p>
                </td>

                <td class="CLASS_92" valign="bottom" align="right">
                    <p class="CLASS_93" align="right"><font color="#000000" size="-2">5.93%</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.</font></i></p>

        <p class="CLASS_77" align="left"><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></p>

        <p class="CLASS_77" align="left"><font color="#000000" size="-2"><sup>(b)</sup> </font><i><font color="#000000" size="-2">The Barclays Capital Municipal Bond Index is an unmanaged, unleveraged, market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years. Index returns, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an
        index.</font></i></p>

        <p class="CLASS_77" align="left"><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></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_113" 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_12">
                <td class="CLASS_71" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_104" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">As of 11/30/09</font></b></p>
                </td>

                <td class="CLASS_104" 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>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_118" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net Asset Value</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="left">
                    <p class="CLASS_85" align="left"><font color="#000000" size="-2">$ 11.94</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="left">
                    <p class="CLASS_85" align="left"><font color="#000000" size="-2">$ 9.72</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_118" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Market Price</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="left">
                    <p class="CLASS_85" align="left"><font color="#000000" size="-2">$ 11.36</font></p>
                </td>

                <td class="CLASS_84" valign="bottom" align="left">
                    <p class="CLASS_85" align="left"><font color="#000000" size="-2">$ 8.26</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Prices and net asset value fluctuate and are not guaranteed.</font></i></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_113" 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_2">
                <td class="CLASS_78" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Twelve Months as of 11/30/09:</font></p>

                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Income Dividends (common shareholders)</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="left">
                    <p class="CLASS_83" align="left"><font color="#000000" size="-2">$ .78</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_78" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">November Income Dividend (common shareholders)</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="left">
                    <p class="CLASS_83" align="left"><font color="#000000" size="-2">$ .07</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_117" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Current Annualized Distribution Rate (based on Net Asset Value) as&nbsp;of&nbsp;11/30/09<sup>+</sup></font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="right">
                    <p class="CLASS_91" align="right"><font color="#000000" size="-2">7.04%</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_117" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Current Annualized Distribution Rate (based on Market Price) as&nbsp;of&nbsp;11/30/09<sup>+</sup></font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="right">
                    <p class="CLASS_91" align="right"><font color="#000000" size="-2">7.39%</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_117" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Tax Equivalent Distribution Rate (based on Net Asset Value) as&nbsp;of&nbsp;11/30/09<sup>+</sup></font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="right">
                    <p class="CLASS_91" align="right"><font color="#000000" size="-2">10.83%</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_117" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Tax Equivalent Distribution Rate (based on Market Price) as&nbsp;of&nbsp;11/30/09<sup>+</sup></font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="right">
                    <p class="CLASS_91" align="right"><font color="#000000" size="-2">11.37%</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_75" id="mit.html.4" align="left"><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, 2009. 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></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_113" 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;11/30/09</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_70" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Period</font></b></p>
                </td>

                <td class="CLASS_102" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Rank</font></b></p>
                </td>

                <td class="CLASS_103" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">&nbsp;</p>
                </td>

                <td class="CLASS_102" 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_102" 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_2">
                <td class="CLASS_116" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1-Year</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">20</font></p>
                </td>

                <td class="CLASS_54" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">57</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">35</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_116" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">3-Year</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">2</font></p>
                </td>

                <td class="CLASS_54" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">57</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">4</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_116" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">5-Year</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">3</font></p>
                </td>

                <td class="CLASS_54" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">56</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">6</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_116" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">10-Year</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">4</font></p>
                </td>

                <td class="CLASS_54" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">of</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">41</font></p>
                </td>

                <td class="CLASS_53" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">10</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_41" 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_121" 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_46" 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_10" 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_10" 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_10" 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_46" align="left"><b><font color="#0091ff">Portfolio Management Team</font></b></p>

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

        <p class="CLASS_4" align="left"><i><font color="#000000" size="-2">Co-Lead Portfolio Manager</font></i></p>

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

        <p class="CLASS_4" align="left"><i><font color="#000000" size="-2">Co-Lead Portfolio Manager</font></i></p>

        <p class="CLASS_47" align="left"><b><font color="#0091ff">Overview of Market and Fund Performance</font></b></p>

        <p class="CLASS_48" 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_10" align="left"><font color="#000000">The fund's investment objective is to provide a high level of current income exempt from federal income tax.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000">DWS Municipal Income Trust delivered a total return on net asset value of 32.65% for the annual period. The fund posted a return based on market value of 48.52%. Its average peer in the Lipper General Closed-End Municipal Debt Funds (Leveraged) Category for closed-end funds delivered 29.45% in the period.<sup>1</sup> The fund's benchmark, the unmanaged Barclays Capital Municipal Bond Index, returned 14.17%. Municipals outperformed
        the broad taxable market as gauged by the Barclays Capital US Aggregate Bond Index, which returned 11.63% for the same period.<sup>2</sup> (Performance is calculated based on the reinvestment of dividends. 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.) After widening substantially early in the period, the discount at which the fund traded to its net asset value
        narrowed from about 15% to under 5% as credit sentiment improved and the environment became extremely favorable for leveraged vehicles.</font></p>

        <p class="CLASS_31" id="mit.html.6" align="left"><font color="#000000">As the period began, the municipal market was impacted by the broader credit market tumult stemming from the September 2008 collapse of several leading financial institutions. Conditions began to stabilize to a degree in December of 2008, and the credit markets, including municipals, rebounded sharply throughout much of 2009. Much of the improvement was driven by extraordinary government actions to restore liquidity
        to the markets. Sentiment in the municipal market was also helped by the announcement and passage of an $800 billion government stimulus plan, the American Recovery and Reinvestment Act of 2009. Within the municipal market, credit spreads narrowed over the 12 months after widening to historic levels early in the period.<sup>3</sup></font></p>

        <p class="CLASS_31" align="left"><font color="#000000">While municipal supply for the fiscal year was generally in keeping with the prior 12 months, issuance of non-AAA bonds was higher due to the reduced role of insurance in the market.<sup>4</sup> A significant portion of 2009 issuance among longer maturities has been of taxable Build America Bonds under the American Recovery and Reinvestment Act. On the demand side, interest in municipals from individual retail investors has been
        strong, and flows into tax-free mutual funds have been at record levels in 2009. </font></p>

        <p class="CLASS_10" align="left"><font color="#000000">During the period, the US Federal Reserve Board (the Fed) took dramatic action in the effort to lower borrowing costs and jump-start the economy, including lowering the overnight federal funds rate in December of 2008 from 1% to the unprecedented 0% to 0.25% range. In keeping with this downward movement in short-term taxable rates, yields fell along the length of the municipal curve for the full period.<sup>5</sup> The municipal
        curve steepened over the period, and at one point reached its steepest level in more than 20 years. (When the yield curve steepens, it means that longer-term bonds provide a greater yield advantage versus short-term bonds.)<sup>6&nbsp;</sup> For the 12&nbsp;months, the two-year bond yield decreased 152 basis points from 2.13% to 0.61%, while the 30-year yield fell 110 basis points to 4.28% from 5.38%, resulting in a total steepening of 42 basis points. (100&nbsp;basis points equals one
        percentage point. See the graph below for municipal bond yield changes from the beginning to the end of the period.) </font></p>

        <p class="CLASS_46" id="mit.html.7" align="left"><b><font color="#0091ff">Positive Contributors to Performance</font></b></p>

        <p class="CLASS_10" align="left"><font color="#000000">The fund's use of leverage during a period of very low borrowing costs was a substantial contributor to performance. The fund has traditionally leveraged returns to shareholders through the issuance of preferred shares whose dividend rate is set by auction. While the auction market did not operate effectively in the wake of the credit market crisis, the sharp decline in short-term interest rates dramatically lowered the reference
        rate used to calculate the cost of achieving this leverage in the event of a failed auction, supporting the fund's income generation. We made an effort to alleviate the impact of failed auctions by redeeming a portion of the fund's preferred shares and substituting inverse floaters to maintain leverage. Inverse floaters also benefited from the extremely low cost of funds during the period.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000">Our relatively conservative positioning from the standpoint of credit risk going into the period benefited performance as market participants sought quality in the wake of the subprime crisis. As the period progressed, credit spreads reached extraordinary levels where we believed investors were paid fairly for the incremental risk, and we began to increase exposure to lower-quality issues. This also added to performance as spreads
        narrowed dramatically over the latter part of the fiscal year. </font></p>

        <p class="CLASS_10" align="left"><font color="#000000">As the curve steepened, we took advantage of opportunities to extend the fund's duration and maintain its income generation, adding exposure to issues in the 20-30 year range.<sup>7</sup> The fund's dividend was increased five times over the fiscal period.</font></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_113" 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 11/30/08 and 11/30/09)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td valign="bottom" align="left"><img alt="mit_yield160" src="mit_yield160.gif"></td>
            </tr>
        </table>

        <p class="CLASS_41" align="left"><i><font color="#000000" size="-2">Source: Municipal Market Data, AAA-rated universe</font></i></p>

        <p class="CLASS_119" align="left"><i><font color="#000000" size="-2">This chart is for illustrative purposes only and is not intended to represent the yield of any DWS fund. Performance is historical and does not guarantee future results.</font></i></p>

        <p class="CLASS_46" id="mit.html.8" align="left"><b><font color="#0091ff">Negative Contributors to Performance</font></b></p>

        <p class="CLASS_10" align="left"><font color="#000000">The fund's exposure to California with its well-publicized fiscal issues constrained returns. We added to this position as spreads widened during the period and this trade began to benefit performance late in the period.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000">The fund had significant exposure to issues subject to the alternative minimum tax which, lagged the overall municipal market.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000">Our insured holdings underperformed on the whole, as these bonds began to trade based on their underlying credit rating during the period, due to insurer downgrades.</font></p>

        <p class="CLASS_46" align="left"><b><font color="#0091ff">Outlook and Positioning</font></b></p>

        <p class="CLASS_10" align="left"><font color="#000000">Municipal yields are currently reasonably attractive relative to US Treasury bonds, even after their recent outperformance. To illustrate, at the end of November, the 10-year municipal bond was yielding approximately 87% of the comparable maturity Treasury bond, down from about 138% twelve months earlier, while the 30-year ratio was 102% versus 156% a year ago. In addition, we believe the anticipation of higher federal tax rates
        going forward will be a supporting factor for the municipal market.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000">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 security selection has never been more important. </font></p>

        <p class="CLASS_10" align="left"><font color="#000000">We will continue to take a prudent approach to investing in the municipal market, while seeking to maintain an attractive dividend and minimize capital gains distributions.</font></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>1</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 reported by all of the mutual 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 29.45% (57 funds), 3.50% (56 funds) and 5.93% (41 funds), respectively, as of 11/30/09. It is not possible to invest directly into a Lipper category.</font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>2</sup> </font><i><font color="#000000" size="-2">The Barclays Capital Municipal Bond Index is an unmanaged, unleveraged market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years. The Barclays Capital US Aggregate Bond Index is an unmanaged, market-value-weighted measure of Treasury issues, agency issues,
        corporate bond issues and mortgage securities. Index returns, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.</font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>3</sup> </font><i><font color="#000000" size="-2">"Credit spread" is the additional yield provided by non-Treasury fixed-income securities versus Treasury securities of comparable duration.</font></i></p>

        <p class="CLASS_76" align="left"><font color="#000000" size="-2"><sup>4</sup> </font><i><font color="#000000" size="-2">Credit quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default.</font></i></p>

        <p class="CLASS_75" id="mit.html.9" align="left"><font color="#000000" size="-2"><sup>5</sup> </font><i><font color="#000000" size="-2">The federal funds rate is the interest rate, set by the US Federal Reserve, at which banks lend money to each other, usually on an overnight basis.</font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>6</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, 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. When the yield curve is characterized as "steep," this is especially
        true.</font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>7</sup> </font><i><font color="#000000" size="-2">Duration is a measure of a fund's sensitivity to interest rate changes, i.e., the longer a fund's duration, the more sensitive it is to changes in interest rates.</font></i></p>

        <p class="CLASS_121" id="mit.html.10" 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_28" 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_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">11/30/09</font></b></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">11/30/08</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_52" valign="bottom" align="right">
                    <p class="CLASS_89" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_52" valign="bottom" align="right">
                    <p class="CLASS_89" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Revenue Bonds</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">67%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">61%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">General Obligation Bonds</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">13%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">9%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">ETM/Prerefunded Bonds</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">12%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">25%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Lease Obligations</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">8%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">5%</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">100%</font></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_89" 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_28" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Quality</font></b></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">11/30/09</font></b></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">11/30/08</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_52" valign="bottom" align="right">
                    <p class="CLASS_89" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_52" valign="bottom" align="right">
                    <p class="CLASS_89" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">AAA</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">23%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">17%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">AA</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">20%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">28%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">A</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">36%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">35%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">BBB</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">18%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">15%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Below B</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">1%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">1%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Not Rated</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">2%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">4%</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_30" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">100%</font></p>
                </td>

                <td class="CLASS_90" valign="bottom" align="right">
                    <p class="CLASS_89" 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_28" 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_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">11/30/09</font></b></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">11/30/08</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_52" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">&nbsp;</p>
                </td>

                <td class="CLASS_52" valign="bottom" align="center">
                    <p class="CLASS_17" align="center">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Average Maturity</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">8.6 years</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">9.1 years</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Duration</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">7.6 years</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">9.7 years</font></p>
                </td>
            </tr>
        </table>

        <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">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_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">11/30/09</font></b></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">11/30/08</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_29" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_52" valign="bottom" align="right">
                    <p class="CLASS_89" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_52" valign="bottom" align="right">
                    <p class="CLASS_89" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">15%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">9%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">New York</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">12%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">13%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Florida</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">9%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">10%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Texas</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">8%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">13%</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_28" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Tennessee</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">7%</font></p>
                </td>

                <td class="CLASS_51" valign="bottom" align="right">
                    <p class="CLASS_89" align="right"><font color="#000000" size="-2">6%</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_41" 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_41" 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_41" align="left"><i><font color="#000000" size="-2">For more complete details about the Fund's investment portfolio, see page <a href="#portfolio">12</a>. A quarterly Fact Sheet is&nbsp;available upon request. 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_31" 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_121" id="mit.html.11" 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, 2009</font></b></p>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_45" 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_45" 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_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_88" valign="bottom" align="right" colspan="2">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#0091ff">Municipal Bonds and Notes 117.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Alabama 2.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,162,380</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,560,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,819,882</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">9,982,262</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Arizona 2.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,299,040</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Arizona, Salt Verde Financial Corp., Gas Revenue:</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">5.0%, 12/1/2037 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,050,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">855,005 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">5.5%, 12/1/2029 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,400,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,345,218 </font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">9,499,263</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">California 21.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, Bay Area Toll Authority, Toll Bridge Revenue, San&nbsp;Francisco Bay Area, Series F-1, 5.125%, 4/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,057,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,644,725</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,180,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,509,130</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, San Gorgonio Memorial Health Care, Election of 2006, Series C, 7.2%, 8/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,260,450</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, South Bayside Waste Management Authority, Solid&nbsp;Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.25%, 9/1/2029 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,345,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,727,328</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">11,730,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">13,842,221</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, State General Obligation:</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">5.125%, 4/1/2024 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,400,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,447,388 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">6.0%, 4/1/2038 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,206,700 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034 (b) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,013,740</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, 5.5%, 6/1/2021 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,530,825</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 &amp; 9, Series A, 6.25%, 4/1/2034 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,640,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,813,901</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,570,560</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,130,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,168,629</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">13,270,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">13,434,150</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Northern California, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series A-1, 5.375%, 6/1/2038 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,352,780</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Port Oakland, CA, Series A, AMT, 5.0%, 11/1/2027 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,850,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,512,689</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">100,092,216</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Colorado 2.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,499,775</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,062,125</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Colorado, Health Facilities Authority Revenue, Portercare Adventist Health System, Prerefunded, 6.5%, 11/15/2031 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,117,140</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">135,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">138,822</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,173,100</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">10,990,962</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">District of Columbia 0.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">District of Columbia, General Obligation, Series A, Prerefunded, 5.5%, 6/1/2014 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,860,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>1,878,860</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Florida 8.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Hillsborough County, FL, School Board, Certificates of Participation, Master Lease Program, Series A, 0.2%*, 7/1/2023, Wachovia Bank NA (a) (c) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,300,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,300,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Miami-Dade County, FL, Aviation Revenue, Series A, 5.5%,&nbsp;10/1/2041 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,075,500</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series A, AMT, 5.25%, 10/1/2033 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,363,150</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,144,210</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority:</font></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">6.0%, 7/1/2013 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,665,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,727,204 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">6.0%, 7/1/2014 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,037,360 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:</font></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">5.5%, 10/1/2028 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,290,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,507,366 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">5.75%, 10/1/2038 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,149,600 </font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">39,304,390</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Georgia 6.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Atlanta, GA, Water &amp; Wastewater Revenue, Series A, 6.25%,&nbsp;11/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,815,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,141,047</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, 5.0%, 3/15/2020 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,250,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,264,500 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, 5.5%, 9/15/2024 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,799,200 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, 5.5%, 9/15/2028 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">9,233,600 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,300,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,600,861</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">31,039,208</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Hawaii 2.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,800,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">9,068,048</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Hawaii, State Department of Budget &amp; Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc.:</font></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series D, AMT, 6.15%, 1/1/2020 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,195,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,198,205 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">6.5%, 7/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,067,530 </font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">12,333,783</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Idaho 0.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%, 11/1/2037 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,135,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>2,332,039</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Illinois 4.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,126,500</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Illinois, Finance Authority Revenue, Advocate Health Care Network, Series D, 6.5%, 11/1/2038 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,098,530</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,750,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,883,975</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Illinois, Finance Authority Revenue, Roosevelt University Project, 6.5%, 4/1/2044 (b) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,943,120</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">20,052,125</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Indiana 1.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,745,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,859,629</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,500,500</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">7,360,129</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Kentucky 3.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Kentucky, Economic Development Finance Authority, Health System Revenue, Norton Healthcare:</font></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, Prerefunded, 6.5%, 10/1/2020 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">790,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">837,258 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, 6.5%, 10/1/2020 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,210,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,241,206 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, Prerefunded, 6.625%, 10/1/2028 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,135,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,325,796 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, 6.625%, 10/1/2028 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">865,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">884,454 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,281,440</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Louisville &amp; Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., 5.0%,&nbsp;10/1/2030 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,769,350</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">15,339,504</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <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_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,315,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>2,032,547</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Maine 0.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">195,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>195,776</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Maryland 1.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,618,775</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Maryland, State Health &amp; Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series&nbsp;A, 6.75%, 7/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,100,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,247,818</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,479,180</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">5,345,773</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Massachusetts 2.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,115,500</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,034,980</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Massachusetts, State Health &amp; Educational Facilities Authority Revenue, Boston Medical Center Project, 5.25%,&nbsp;7/1/2038 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,885,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,628,508</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Massachusetts, State Health &amp; Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%,&nbsp;7/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,570,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,509,988</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">12,288,976</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Michigan 3.0%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,085,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,084,935</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,059,140</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,747,200</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Michigan, State University Revenues, Series A, 0.23%*,&nbsp;8/15/2030 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,800,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,087,028</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">13,978,303</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Minnesota 1.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Minneapolis &amp; St. Paul, MN, Airport Revenue, Series B, AMT,&nbsp;6.0%, 1/1/2012 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,395,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,451,388</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,140,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,270,416</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">5,721,804</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <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_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,525,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>1,553,304</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <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_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">365,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>365,212</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Nevada 2.1%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>9,809,700</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">New Jersey 5.9%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,090,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,019,433</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,291,200</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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&nbsp;(a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,775,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,783,297</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%,&nbsp;12/1/2026 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,400,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,280,776</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,705,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,859,456</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,275,280</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">New Jersey, State Turnpike Authority Revenue, Series E, 5.25%, 1/1/2040 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,750,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,806,070</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">New Jersey, Tobacco Settlement Financing Corp., Series&nbsp;1-A,&nbsp;5.0%, 6/1/2041 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,700,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,114,979</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">27,430,491</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">New York 4.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,659,975</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">15,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">16,568,415</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,180,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,402,831</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">19,631,221</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">North Carolina 2.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Charlotte, NC, Airport Revenue:</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series B, AMT, 5.75%, 7/1/2013 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,480,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,511,446 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series B, AMT, 5.875%, 7/1/2014 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,140,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,154,159 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">North Carolina, Electric Revenue, Municipal Power Agency, Series C, 5.375%, 1/1/2017 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,063,710</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,280,560</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">North Carolina, Municipal Power Agency, No. 1 Catawba Electric Revenue, Series B, Prerefunded, 6.375%, 1/1/2013 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,045,420</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">11,055,295</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">North Dakota 0.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,400,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>3,595,704</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Ohio 5.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Buckeye, OH, Tobacco Settlement Financing Authority, Series&nbsp;A-2, 5.875%, 6/1/2030 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">19,820,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">16,692,800</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, 5.5%, 1/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,129,100 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series B, 5.5%, 1/1/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,500,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,590,370 </font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">25,412,270</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Pennsylvania 0.9%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%,&nbsp;8/15/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,700,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,700,476</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,570,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,650,441</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">4,350,917</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Puerto Rico 3.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A, 6.5%, 8/1/2044 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">15,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>15,869,700</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <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_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>2,153,800</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">South Carolina 2.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,490,445</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_26" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series C, Prerefunded, 7.0%, 8/1/2030 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,420,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,506,928</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series A, Prerefunded, 7.375%, 12/15/2021 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,160,880 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">South Carolina, Tobacco Settlement Revenue Management Authority, Series B, 6.0%, 5/15/2022 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,310,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,373,692</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">11,531,945</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Tennessee 4.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,869,900</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,003,600</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,690,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,762,929</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,039,360</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,050,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,724,501</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">20,400,290</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Texas 11.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,965,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,519,969</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, 7.25%, 12/1/2035 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,116,180</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,262,740</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,300,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,304,653</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">North Texas, Tollway Authority Revenue:</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">First Tier, Series A, 5.625%, 1/1/2033 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,500,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,583,090 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Second Tier, Series F, 5.75%, 1/1/2038 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,500,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,545,565 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Texas, Dallas/Fort Worth International Airport Revenue, Series&nbsp;A, AMT, 5.875%, 11/1/2016 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,811,870</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,994,040</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Texas, Municipal Gas Acquisition &amp; Supply Corp. I, Gas&nbsp;Supply Revenue:</font></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series B, 0.75%**, 12/15/2017 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,570,000 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series B, 0.9%**, 12/15/2026 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,500,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,077,375 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series D, 6.25%, 12/15/2026 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,099,400 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Texas, SA Energy Acquisition Public Facility Corp., Gas&nbsp;Supply&nbsp;Revenue:</font></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">5.5%, 8/1/2021 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,155,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,170,800 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">5.5%, 8/1/2025 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,250,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,219,260 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2035 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,995,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,963,539</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">54,238,481</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Virginia 0.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Washington County, VA, Industrial Development Authority, Hospital Facility Revenue, Mountain States Health Alliance, Series C, 7.75%, 7/1/2038 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,370,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>1,558,594</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Washington 1.8%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_27" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Seattle, WA, Special Assessment Revenue:</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series B, AMT, 5.5%, 9/1/2011 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,085,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,102,371 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Series B, AMT, 5.75%, 9/1/2013 (a) </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,045,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,060,905 </font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,015,780</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">8,179,056</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">West Virginia 3.6%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">West Virginia, Hospital Finance Authority Revenue, Charleston Medical Center:</font></p>
                </td>

                <td class="CLASS_26" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Prerefunded, 6.75%, 9/1/2022 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">12,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">12,697,920</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Prerefunded, 6.75%, 9/1/2030 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,000,000 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,232,640</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">16,930,560</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Wisconsin 2.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2,835,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,071,553</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Wisconsin, State Health &amp; Educational Facilities Authority&nbsp;Revenue, Aurora Health Care, Inc., Series A, 5.6%,&nbsp;2/15/2029 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">6,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,943,720</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Wisconsin, State Health &amp; Educational Facilities Authority&nbsp;Revenue, Prohealth Care, Inc. Obligation Group,&nbsp;6.625%, 2/15/2039 </font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,555,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">1,665,980</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">10,681,253</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_23" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2"><b>Total Municipal Bonds and Notes</b> (Cost $509,724,745)</font></p>
                </td>

                <td class="CLASS_43" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>544,515,713</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_115" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#0091ff">Municipal Inverse Floating Rate Notes (d) 56.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">California 4.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,234,384</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: California, San Francisco Bay Area Toll Authority, Toll&nbsp;Bridge Revenue, Series 1962-5, 144A, 13.334%, 4/1/2031, Leverage Factor at purchase date: 3 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">California, State General Obligation, 5.0%, 6/1/2023 (a) (e)</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,269,300</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: California, State General Obligation, Series 1932, 144A, 8.9%, 6/1/2023, Leverage Factor at purchase date:&nbsp;2&nbsp;to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">20,503,684</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Florida 7.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,740,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,865,963</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3,915,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,046,856</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,122,500</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,261,345</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,317,500</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4,462,913</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">16,470,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">17,024,707</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.321%, 7/1/2023, Leverage Factor at purchase date: 2 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">33,661,784</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Massachusetts 5.2%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">18,250,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">19,132,348</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,241,739</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.472%, 8/1/2032, Leverage Factor at purchase date: 3 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">24,374,087</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Nevada 6.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">9,447,355</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">9,641,820</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">9,919,723</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,123,910</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">9,627,878</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">9,826,058</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.473%, 6/1/2028, Leverage Factor at purchase date: 3 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">29,591,788</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">New York 17.5%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">13,500,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">14,542,672</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: New York, State Dormitory Authority Revenue, Series&nbsp;2008-1189, 144A, 9.19%, 3/15/2026, Leverage Factor&nbsp;at purchase date: 2 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,692,113</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: New York, State Dormitory Authority Revenue, Series&nbsp;3160, 144A, 13.474%, 3/15/2026, Leverage Factor at&nbsp;purchase date: 3 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2024 (e)</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,774,600</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: New York, State Dormitory Authority Revenue, Secondary Issues, Series 1955-3, 144A, 17.51%, 3/15/2024,&nbsp;Leverage Factor at purchase date: 4 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,425,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">5,684,507</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,080,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,466,510</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.471%, 7/1/2025, Leverage Factor at purchase date: 3 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">12,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">12,402,360</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: New York, Triborough Bridge &amp; Tunnel Authority Revenues, Series 2008-1188, 144A, 9.19%, 11/15/2033, Leverage Factor at purchase date: 2 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">New York City, NY, Transitional Finance Authority Revenue, Series C-1, 5.0%, 11/1/2027 (e)</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">17,560,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">18,802,897</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: New York City, NY, Series 2008-1190, 144A, 9.19%, 11/1/2027, Leverage Factor at purchase date: 2 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">81,365,659</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Pennsylvania 2.3%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Pennsylvania, State General Obligation, Second Series, 5.0%,&nbsp;1/1/2025 (e)</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>10,750,250</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Pennsylvania, State General Obligation, Public Transit Improvements, Series 2008-1146, 144A, 9.17%, 1/1/2025, Leverage Factor at purchase date: 2 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Tennessee 7.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,756,695</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">11,706,641</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.505%, 1/1/2027, Leverage Factor at purchase date: 4 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,200,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">11,152,680</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.51%, 1/1/2026, Leverage Factor at purchase date: 4 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,564,925</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">11,412,946</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.518%, 1/1/2028, Leverage Factor at purchase date: 4 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">34,272,267</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Texas 2.4%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">10,000,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>10</b><b>,949,500</b></font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Texas, State General Obligation, Series&nbsp;2008-1147, 144A, 9.17%, 4/1/2025, Leverage Factor&nbsp;at purchase date:&nbsp;2&nbsp;to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_11">
                <td class="CLASS_33" valign="bottom" align="left" colspan="4">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Virginia 3.7%</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,190,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,987,468</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_25" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_21" 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_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">7,630,000</font></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">8,372,939</font></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_24" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_18" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><i><font color="#000000" size="-2">Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 11.132%, 10/1/2027, Leverage&nbsp;Factor at purchase date: 2.5 to 1 </font></i></p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_45" valign="bottom" align="right">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_44" valign="bottom" align="right" colspan="3">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_43" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><b><font color="#000000" size="-2">17,360,407</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_23" valign="bottom" align="left" colspan="3">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2"><b>Total Municipal Inverse Floating Rate Notes</b> (Cost $254,163,930)</font></p>
                </td>

                <td class="CLASS_43" valign="bottom" align="left">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2"><b>262,829,426</b></font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_22" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_40" 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_40" 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_22" valign="bottom" align="left">
                    <p class="CLASS_21" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_87" valign="bottom" align="right" colspan="2">
                    <p class="CLASS_17" align="right">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_22" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2"><b>Total Investment Portfolio</b> (Cost&nbsp;$763,888,675)<sup>+</sup></font></p>
                </td>

                <td class="CLASS_40" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">173.5</font></p>
                </td>

                <td class="CLASS_40" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">807,345,139</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_22" 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_40" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(30.8)</font></p>
                </td>

                <td class="CLASS_40" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">(143,268,604)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_4">
                <td class="CLASS_22" 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_40" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(42.7)</font></p>
                </td>

                <td class="CLASS_40" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">(198,750,000)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_69" 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_39" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">100.0</font></p>
                </td>

                <td class="CLASS_39" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">465,326,535</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_75" id="mit.html.20" align="left"><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, 2009.</font></i></p>

        <p class="CLASS_75" align="left"><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, 2009.</font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>+</sup></font> <i><font color="#000000" size="-2">The cost for federal income tax purposes was $762,995,713. At November 30, 2009, net unrealized appreciation for all securities based on tax cost was $44,349,426. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $48,421,040 and aggregate gross unrealized depreciation for all securities
        in which there was an excess of tax cost over value of $4,071,614.</font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2">(a) </font><i><font color="#000000" size="-2">Bond is insured by one of these companies:</font></i></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_68" 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_42" 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_114" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Ambac Financial Group, Inc.</font></p>
                </td>

                <td class="CLASS_86" 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_114" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Assured Guaranty Corp.</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">2.0</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_114" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Financial Guaranty Insurance Co.</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">4.2</font></p>
                </td>
            </tr>

            <tr class="CLASS_8">
                <td class="CLASS_114" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Financial Security Assurance, Inc.</font></p>
                </td>

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

            <tr class="CLASS_8">
                <td class="CLASS_114" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">National Public Finance Guarantee Corp.</font></p>
                </td>

                <td class="CLASS_86" valign="bottom" align="right">
                    <p class="CLASS_17" align="right"><font color="#000000" size="-2">3.8</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_11" align="left"><i><font color="#000000" size="-2">Many insurers who have traditionally guaranteed payment of municipal issues have been downgraded by the major rating agencies. </font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2">(b) </font><i><font color="#000000" size="-2">When-issued security.</font></i></p>

        <p class="CLASS_75" align="left"><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></p>

        <p class="CLASS_75" align="left"><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></p>

        <p class="CLASS_75" align="left"><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></p>

        <p class="CLASS_41" 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_41" align="left"><i><font color="#000000" size="-2">AMT: Subject to alternative minimum tax</font></i></p>

        <p class="CLASS_41" 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_41" id="mit.html.21" 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_9" align="left"><b><i><font color="#000000" size="-2">Fair Value Measurements</font></i></b></p>

        <p class="CLASS_41" 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 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_41" align="left"><i><font color="#000000" size="-2">The following is a summary of the inputs used as of November 30, 2009 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_67" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Assets</font></b></p>
                </td>

                <td class="CLASS_101" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Level 1</font></b></p>
                </td>

                <td class="CLASS_101" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Level 2</font></b></p>
                </td>

                <td class="CLASS_101" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Level 3</font></b></p>
                </td>

                <td class="CLASS_101" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">Total</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_66" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Municipal Bonds and Notes (f)</font></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ &mdash;</font></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 807,345,139</font></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ &mdash;</font></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 807,345,139</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_66" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Total</font></b></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ &mdash;</font></b></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 807,345,139</font></b></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ &mdash;</font></b></p>
                </td>

                <td class="CLASS_38" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 807,345,139</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2">(f) </font><i><font color="#000000" size="-2">See Investment Portfolio for additional detailed categorizations.</font></i></p>

        <p class="CLASS_41" 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_121" id="mit.html.22" 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_113" 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, 2009</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Investments in securities, at value (cost&nbsp;$763,888,675)</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 807,345,139</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Cash</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">17,189</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Interest receivable</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">12,957,690</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Total assets</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">820,320,018</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_21" align="left"><font color="#000000" size="-2">Payable for investments purchased &mdash; when-issued securities</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">4,899,890</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Payable for floating rate notes issued</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">150,596,576</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Distributions payable</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">6,380</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Accrued management fee</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">304,029</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Other accrued expenses and payables</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">436,608</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Total liabilities</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">156,243,483</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">198,750,000</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 465,326,535</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Undistributed net investment income</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">10,927,124</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net unrealized appreciation (depreciation) on investments</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">43,456,464</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Accumulated net realized gain (loss)</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(12,905,999)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Paid-in capital</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">423,848,946</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 465,326,535</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2"><b>Net Asset Value</b> per common share ($465,326,535&nbsp;&divide;&nbsp;38,973,231 outstanding shares of beneficial interest, $.01&nbsp;par&nbsp;value, unlimited shares authorized)</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 11.94</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_41" 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_113" 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, 2009</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Income:</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Interest</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 45,791,840</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Expenses:</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Management fee</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">3,714,160</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Services to shareholders</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">75,762</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Custodian fee</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">24,974</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Professional fees</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">187,297</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Trustees' fees and expenses</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">13,423</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Reports to shareholders</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">83,110</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Remarketing agent fee</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">635,344</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Stock exchange listing fees</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">33,606</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Interest expense and fees on floating rate notes</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1,512,810</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Other</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">119,606</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Total expenses </font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">6,400,092</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">39,391,748</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net realized gain (loss) from investments</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(1,926,994)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Change in net unrealized appreciation (depreciation) on investments</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">80,737,037</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">78,810,043</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">(1,368,706)</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 116,833,085</font></b></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_41" id="mit.html.23" 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_113" 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, 2009</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net increase (decrease) in net assets resulting from operations (excluding dividends on remarketed preferred shares)</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 118,201,791</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><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></p>

                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Purchases of long-term investments</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(506,898,707)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Net amortization/accretion of premium (discount)</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">23,993</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Proceeds from sales and maturities of long-term investments</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">593,320,053</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">(Increase) decrease in interest receivable</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">368,293</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">(Increase) decrease in other assets</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">6,254</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">(Increase) decrease in receivable for investments sold</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">35,000</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Increase (decrease) in payable for investments purchased &mdash; when-issued securities</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(4,046,448)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Increase (decrease) in accrued expenses and payables</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1,623</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Change in net unrealized (appreciation) depreciation on investments</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(80,737,037)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Net realized (gain) loss from investments</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1,926,994</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">122,201,809</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Redemption of Preferred Shares</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(66,250,000)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Distributions paid</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(31,952,738)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Increase (decrease) in payable for floating rate notes issued</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(24,129,831)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(122,332,569)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Increase (decrease) in cash</font></b></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(130,760)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Cash at beginning of period</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">147,949</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 17,189</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" valign="bottom" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Supplemental Disclosure of Non-Cash Financing Activities:</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Interest paid on floating rate notes</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ (1,512,810)</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_41" id="mit.html.24" align="left"><i><font color="#000000" size="-2">The accompanying notes are an integral part of the financial statements.</font></i></p>

        <table class="CLASS_7" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_113" 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_65" valign="bottom" align="left" rowspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Increase (Decrease) in Net Assets</font></b></p>
                </td>

                <td class="CLASS_100" 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_2">
                <td class="CLASS_79" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2009</font></b></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>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Operations:</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net investment income </font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 39,391,748</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 35,480,912</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net realized gain (loss) </font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(1,926,994)</font></p>
                </td>

                <td class="CLASS_37" 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_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Change in net unrealized appreciation (depreciation) </font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">80,737,037</font></p>
                </td>

                <td class="CLASS_37" 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_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Dividends on remarketed preferred shares</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(1,368,706)</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(9,247,575)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net increase (decrease) in net assets resulting from operations</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">116,833,085</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(57,445,876)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Distributions to common shareholders from:</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net investment income</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(30,488,761)</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(22,905,754)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" 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_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">86,344,324</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(80,351,630)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net assets at beginning of period</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">378,982,211</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">459,333,841</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net assets at end of period (including undistributed net investment income of $10,927,124 and $4,041,558, respectively)</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 465,326,535</font></b></p>
                </td>

                <td class="CLASS_37" 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_61" 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_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Common shares outstanding at beginning of period</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">38,973,231</font></p>
                </td>

                <td class="CLASS_37" 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_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Common shares outstanding at end of period</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">38,973,231</font></p>
                </td>

                <td class="CLASS_37" 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_41" 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>

        <p class="CLASS_121" id="mit.html.26" 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_63" 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_98" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2009</font></b></p>
                </td>

                <td class="CLASS_99" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2008</font></b></p>
                </td>

                <td class="CLASS_98" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2007</font></b></p>
                </td>

                <td class="CLASS_97" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2006</font></b></p>
                </td>

                <td class="CLASS_97" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2005</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_62" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Net asset value, beginning of&nbsp;period</font></b></p>
                </td>

                <td class="CLASS_35" 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_36" 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_35" 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_34" 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_34" 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_2">
                <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_19" align="left"><font color="#000000" size="-2">Net investment income<sup>a</sup></font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.01</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.91</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.85</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.86</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.87</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><font color="#000000" size="-2">Net realized and unrealized gain&nbsp;(loss) </font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">2.03</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(2.15)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.38)</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.03</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.17)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_16" 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_19" align="left"><font color="#000000" size="-2">From net investment income</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.04)</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.24)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.27)</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.24)</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.17)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_19" align="left"><b><font color="#000000" size="-2">Total from investment operations</font></b></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">3.00</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(1.48)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.20</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.65</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.53</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <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_19" align="left"><font color="#000000" size="-2">Net investment income</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.78)</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.59)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.58)</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.62)</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(.81)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Reimbursement by Advisor</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.00<sup>*</sup></font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">&mdash;</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">&mdash;</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_62" 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_35" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 11.94</font></b></p>
                </td>

                <td class="CLASS_36" 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_35" 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_34" 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_34" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 12.14</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_62" 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_35" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 11.36</font></b></p>
                </td>

                <td class="CLASS_36" 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_35" 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_34" 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_34" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">$ 12.40</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Based on net asset value&nbsp;(%)<sup>c</sup></font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">32.65</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(12.55)<sup>b</sup></font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">2.04<sup>b,d</sup></font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">5.88<sup>b</sup></font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">4.45</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Based on market value&nbsp;(%)<sup>c</sup></font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">48.52</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(16.00)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">.06</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(6.47)</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">10.15</font></p>
                </td>
            </tr>

            <tr class="CLASS_9">
                <td class="CLASS_61" 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_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net assets, end of period ($&nbsp;millions)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">465</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">379</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">459</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">474</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">472</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" 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>e,f</sup></font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.49</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">2.04</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.39</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.10</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" 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>e,g</sup></font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.49</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">2.03</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.38</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.09</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.10</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_16" valign="bottom" align="left">
                    <p class="CLASS_17" 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)<sup>h</sup></font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.14</font></p>
                </td>

                <td class="CLASS_82" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.15</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.10</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.09</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">1.10</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_60" 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_98" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2009</font></b></p>
                </td>

                <td class="CLASS_97" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2008</font></b></p>
                </td>

                <td class="CLASS_97" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2007</font></b></p>
                </td>

                <td class="CLASS_97" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2006</font></b></p>
                </td>

                <td class="CLASS_97" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2005</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_112" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Ratio of net investment income&nbsp;(%) (based on net assets of common shares)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">9.17</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">8.08</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">7.19</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">7.13</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">7.00</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_112" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Ratio of net investment income&nbsp;(%) (based on net assets of common and remarketed preferred shares)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">5.83</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">5.04</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">4.57</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">4.55</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">4.52</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_112" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Portfolio turnover rate&nbsp;(%)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">61</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">119</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">57</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">33</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">16</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_112" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Remarketed preferred shares information at end of&nbsp;period:</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Aggregate amount outstanding ($&nbsp;millions)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">199</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">265</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_112" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Asset coverage per share&nbsp;($)<sup>i</sup></font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">16,706</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">12,151</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">13,667</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">13,949</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">13,912</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_112" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Liquidation and market value per&nbsp;share&nbsp;($)</font></p>
                </td>

                <td class="CLASS_81" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_80" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">5,000</font></p>
                </td>

                <td class="CLASS_80" 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_74" valign="bottom" align="left" colspan="6">
                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>a</sup> </font><i><font color="#000000" size="-2">Based on average common shares outstanding during the period.</font></i></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>b</sup> </font><i><font color="#000000" size="-2">Total return would have been lower had certain fees not been reduced.</font></i></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>c</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></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>d</sup> </font><i><font color="#000000" size="-2">Includes a non-recurring reimbursement of $175,116 from the Advisor for a fee previously charged to the Fund. Excluding this non-recurring reimbursement, total return would have been 0.04% lower.</font></i></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>e</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></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>f</sup> </font><i><font color="#000000" size="-2">The ratio of expenses before fee reductions (based on net assets of common and remarketed preferred shares, including interest expense) were .95%, 1.28%, .88%, .71% and .71% for the years ended November 30, 2009, 2008, 2007, 2006 and 2005, respectively.</font></i></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>g</sup> </font><i><font color="#000000" size="-2">The ratio of expenses after fee reductions (based on net assets of common and remarketed preferred shares, including interest expense) were .95%, 1.27%, .88%, .70% and .71% for the years ended November 30, 2009, 2008, 2007, 2006 and 2005, respectively.</font></i></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>h</sup> </font><i><font color="#000000" size="-2">The ratio of expenses after fee reductions (based on net assets of common and remarketed preferred shares, excluding interest expense) were .72%, .72%, .70%, .70% and .71% for the years ended November 30, 2009, 2008, 2007, 2006, and 2005, respectively.</font></i></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>i</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></p>

                    <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>*</sup> </font><i><font color="#000000" size="-2">Amount is less than $.005.</font></i></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_121" id="mit.html.28" align="left"><b><a id="notes" name="notes"></a><font color="#0091ff" size="+1">Notes to Financial Statements </font></b></p>

        <p class="CLASS_46" align="left"><b><font color="#0091ff">A. Organization and Significant Accounting Policies</font></b></p>

        <p class="CLASS_31" 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_31" 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_31" 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_31" 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_31" 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. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of
        the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's
        financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities; and the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.</font></p>

        <p class="CLASS_31" align="left"><font color="#000000">Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.</font></p>

        <p class="CLASS_31" id="mit.html.29" 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_31" 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_31" 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 Investment
        Company Act of 1940. 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_31" id="mit.html.30" align="left"><font color="#000000">The weighted average outstanding daily balance of the floating rate notes during the year ended November 30, 2009 was approximately $165,112,000, with a weighted average interest rate of 0.92%.</font></p>

        <p class="CLASS_31" 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_31" align="left"><font color="#000000">At November 30, 2009, the Fund had a net tax basis capital loss carryforward of approximately $12,469,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until November 30, 2011 ($1,323,000), November 30, 2014 ($912,000), November&nbsp;30, 2016 ($7,370,000) and November 30, 2017 ($2,864,000), the respective expiration dates, whichever occurs first.</font></p>

        <p class="CLASS_31" align="left"><font color="#000000">In addition, from November 1, 2009 through November 30, 2009, the Fund incurred approximately $1,085,000 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, 2010.</font></p>

        <p class="CLASS_31" align="left"><font color="#000000">The Fund has reviewed the tax positions for the open tax years as of November 30, 2009 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 open subject to examination by the Internal Revenue Service.</font></p>

        <p class="CLASS_31" 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_31" align="left"><font color="#000000">The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss and accretion of market discount on debt securities. As a result, net investment income (loss) and net realized gain
        (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.</font></p>

        <p class="CLASS_31" align="left"><font color="#000000">At November 30, 2009, 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_2">
                <td class="CLASS_111" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Undistributed tax-exempt income</font></p>
                </td>

                <td class="CLASS_79" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 10,962,276</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Capital loss carryforwards</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ (12,469,000)</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_20" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Net unrealized appreciation (depreciation) on investments</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 44,349,426</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_31" id="mit.html.31" 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_59" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_96" 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_59" valign="bottom" align="left">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>

                <td class="CLASS_95" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2009</font></b></p>
                </td>

                <td class="CLASS_95" valign="bottom" align="center">
                    <p class="CLASS_17" align="center"><b><font color="#000000" size="-2">2008</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Distributions from tax-exempt income</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 31,026,967</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 32,153,329</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_64" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Distributions from ordinary income</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ 830,500</font></p>
                </td>

                <td class="CLASS_37" valign="bottom" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">$ &mdash;</font></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_31" align="left"><font color="#000000"><b><font size="-1">Remarketed Preferred Shares.</font></b> The Fund has issued and outstanding 8,100 Series&nbsp;A, 8,025 Series B, 8,100 Series C, 8,025 Series D and 7,500 Series&nbsp;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. 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.</font></p>

        <p class="CLASS_31" align="left"><font color="#000000">Since February 2008, remarketings have failed because there were not enough bids to cover the shares for sale, indicating a lack of liquidity in the market. 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, 2009), 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_31" id="mit.html.32" align="left"><font color="#000000">During the year ended November 30, 2009, the dividend rates ranged from 0.163% to 2.420% for Series A, 0.163% to 2.420% for Series B, 0.163% to 2.420% for Series C, 0.163% to 2.420% for Series D and 0.163% to 2.358% 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_31" align="left"><font color="#000000">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, 2009, 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. </font></p>

        <p class="CLASS_31" align="left"><font color="#000000">On July 15, 2009, the Board of Trustees approved a partial redemption of 25% of the Fund's outstanding Remarketed Preferred Shares with the proceeds of a tender option bond program at the redemption price per share equal to the sum of $5,000 plus accumulated but unpaid dividends. These investments are expected to lower the costs of leverage for the Fund over time. The Fund redeemed $66,250,000 of its $265 million previously
        outstanding Remarketed Preferred Shares between August 28, 2009 and August 31, 2009.</font></p>

        <p class="CLASS_31" 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 held at the Fund's custodian bank at November 30, 2009.</font></p>

        <p class="CLASS_31" 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_31" 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_46" id="mit.html.33" align="left"><b><font color="#0091ff">B. Purchases and Sales of Securities</font></b></p>

        <p class="CLASS_31" align="left"><font color="#000000">During the year ended November 30, 2009, purchases and sales of investment securities (excluding short-term investments) aggregated $506,898,707 and $593,320,053, respectively.</font></p>

        <p class="CLASS_46" align="left"><b><font color="#0091ff">C. Related Parties</font></b></p>

        <p class="CLASS_31" 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_31" 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, 2009, the amount charged&nbsp;to the Fund by DISC aggregated $39,304, of which is $9,972 is unpaid.</font></p>

        <p class="CLASS_31" 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, 2009, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $14,140, of which $8,225 is unpaid.</font></p>

        <p class="CLASS_31" align="left"><font color="#000000"><b><font size="-1">Trustees' Fees and Expenses.</font></b> The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.</font></p>

        <p class="CLASS_31" 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, 2009, the amount charged to the Fund by Deutsche Bank Trust Company Americas included in the Statement of Operations under "other" aggregated $25,000, all of which was paid.</font></p>

        <p class="CLASS_46" id="mit.html.34" align="left"><b><font color="#0091ff">D. Line of Credit </font></b></p>

        <p class="CLASS_31" align="left"><font color="#000000">The Fund and other affiliated funds (the "Participants") share in a $450&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 a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.</font></p>

        <p class="CLASS_46" align="left"><b><font color="#0091ff">E. Review for Subsequent Events</font></b></p>

        <p class="CLASS_31" align="left"><font color="#000000">Management has reviewed the events and transactions for subsequent events from December&nbsp;1, 2009 through January 22, 2010, the date the financial statements were available to be issued, and has determined that there were no material events that would require disclosure in the Fund's financial statements through this date.</font></p>

        <p class="CLASS_121" id="mit.html.35" align="left"><b><font color="#0091ff" size="+1"><a id="ria" name="ria"></a>Report of Independent Registered Public&nbsp;Accounting Firm</font></b></p>

        <p class="CLASS_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_31" 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, 2009, 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_31" 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, 2009, 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_31" 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, 2009, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then
        ended, in conformity with U.S. generally accepted accounting principles. </font></p>

        <table class="CLASS_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_32" valign="top" align="left">
                    <p class="CLASS_31" align="left"><font color="#000000">Boston, Massachusetts<br>
                    January 22, 2010</font></p>
                </td>

                <td class="CLASS_32" valign="top" align="left">
                    <p class="CLASS_31" align="left">&nbsp;</p>
                </td>

                <td valign="bottom" align="right"><img alt="mit_eny0" src="mit_eny0.gif"></td>
            </tr>
        </table>

        <p class="CLASS_121" id="mit.html.36" align="left"><b><font color="#0091ff" size="+1"><a id="tax" name="tax"></a>Tax Information </font><font color="#0091ff" size="-1">(Unaudited)</font></b></p>

        <p class="CLASS_10" align="left"><font color="#000000">Of the dividends paid from net investment income for the taxable year ended November 30, 2009, 98% 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_121" 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">Amended and Restated Bylaws</font></b></p>

        <p class="CLASS_10" align="left"><font color="#000000">On March 11, 2009, the Fund's Board of Trustees amended and restated the Fund's by-laws in their entirety (the "Amended and Restated Bylaws"). The Amended and Restated Bylaws provide for, among other things, (i) a classified Board; (ii) certain advance notice requirements for a shareholder to properly bring a matter, including nominees for Trustee, before a shareholder meeting; and (iii) certain procedural requirements for
        shareholders to call a meeting of shareholders.</font></p>

        <p class="CLASS_10" align="left"><b><font color="#000000" size="-1">Notice of Possible Share Repurchases</font></b></p>

        <p class="CLASS_10" align="left"><font color="#000000">In accordance with Section 23(c) of the Investment Company Act of 1940, the Fund hereby gives notice that it may from time to time repurchase shares of the Fund in the open market at the option of the Board of Trustees and on such terms as the Trustees may determine.</font></p>

        <p class="CLASS_121" id="mit.html.37" align="left"><b><font color="#0091ff" size="+1"><a id="drp" name="drp"></a>Dividend Reinvestment Plan</font></b></p>

        <p class="CLASS_31" 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_31" align="left"><font color="#000000">P.O. Box 219066<br>
        Kansas City, Missouri 64121-9066<br>
        (800) 294-4366</font></p>

        <p class="CLASS_31" 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_31" 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_31" 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_31" id="mit.html.38" 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_31" 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_31" 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_31" 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_121" id="mit.html.39" 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. ("DWS") in September&nbsp;2009.</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> In September 2009, all but one of the Fund's Trustees were independent of DWS 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 substantial time 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 DWS, 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 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 DWS 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 DWS managed the Fund. DWS 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.40" 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 DWS'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, DWS 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 DWS to attract and retain high-quality personnel, and the organizational depth and stability of DWS. The Board reviewed the&nbsp;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 into place a process of
        identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by Lipper), and receives more frequent reporting and information from DWS regarding such funds, along with DWS'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&nbsp;31,&nbsp;2008, the Fund's performance was in the 1st quartile 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-, three- and five-year periods ended December&nbsp;31, 2008.</font></p>

        <p class="CLASS_10" 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 DWS historically have been and continue to&nbsp;be satisfactory.</font></p>

        <p class="CLASS_10" id="mit.html.41" 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 at the median of the&nbsp;applicable Lipper peer group (based on Lipper data provided as of December&nbsp;31, 2008). The Board also reviewed data comparing the Fund's total (net) operating expenses to the applicable Lipper expense universe. The Board concluded that the comparative Lipper operating expense data was of limited
        utility, as it likely significantly understated the current expense ratios of many peer funds due to the substantial declines in net assets as a result of market losses that many funds experienced between mid-September&nbsp;2008 and March&nbsp;2009 and that were not reflected in the data.</font></p>

        <p class="CLASS_10" align="left"><font color="#000000">The information considered by the Board as part of their review of management fees included information regarding fees charged by DWS and its affiliates to similar institutional accounts and to similar funds managed by the same portfolio management teams but offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were
        lower than the management fees charged by similarly managed DWS US mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such
        fees. </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 DWS. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DWS 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">Profitability.</font></b> The Board reviewed detailed information regarding revenues received by DWS under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DWS 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 DWS
        and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DWS's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DWS in connection with the&nbsp;management of the Fund were not unreasonable. The Board also 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), DWS and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DWS 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.42" align="left"><font color="#000000"><b><font size="-1">Other Benefits to DWS and Its Affiliates.</font></b> The Board also considered the character and amount of other incidental benefits received by DWS and its affiliates. The Board considered benefits to DWS 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 DWS related to DWS Funds advertising and cross-selling opportunities among DWS 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 DWS to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i)&nbsp;the experience and seniority of both DWS's chief compliance officer and the Fund's chief compliance officer; (ii)&nbsp;the large number of DWS compliance personnel; and (iii)&nbsp;the substantial commitment
        of resources by DWS 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 unanimously (including 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_121" id="mit.html.44" align="left"><b><font color="#0091ff" size="+1"><a id="to" name="to"></a>Board Members and Officers</font></b></p>

        <p class="CLASS_10" align="left"><font color="#000000">The following table presents certain information regarding the Board Members and Officers of the Trust as of November 30, 2009. 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. The Board is divided into three classes of Board Members, Class I, Class II and Class III. At each annual meeting of shareholders of the Trust, the class of Board Members elected at such meeting is elected to hold office until the annual meeting held in the third succeeding year and until the election and qualification of such Board Member's successor, if any, or until such Board Member
        sooner dies, resigns, retires or is removed. In addition, the holders of the Preferred Shares, voting as a separate class, are entitled to elect two Board Members. The Board Members elected by the holders of the Remarketed Preferred Shares, voting as a separate class, are elected to hold office until the next annual meeting and until the election and qualification of such Board Member's successor, if any, or until such Board Member sooner dies, resigns, retires or is removed. 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_5" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_113" 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_2">
                <td class="CLASS_58" 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_56" 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_94" 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_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Paul K. Freeman (1950)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Chairperson since 2009<sup>2</sup> </font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1993</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Consultant, World Bank/Inter-American Development Bank; Governing Council of the Independent Directors Council (governance, executive committees); formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)</font></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">John W. Ballantine (1946)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1999</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Henry P. Becton, Jr. (1943)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1990</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Lead Director, Becton Dickinson and Company<sup>3</sup> (medical technology company); Lead Director, Belo Corporation<sup>3</sup> (media company); Public Radio International; PRX, The Public Radio Exchange; The PBS Foundation. Former Directorships: Boston Museum of Science; American Public
                    Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service</font></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Dawn-Marie Driscoll (1946)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1987</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Keith R. Fox (1954)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1996</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Kenneth C. Froewiss (1945)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 2001</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); 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></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Richard J. Herring (1946)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1990</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">William McClayton (1944)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 2004</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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; private equity investor since October 2009; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival</font></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Rebecca W. Rimel (1951)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1995</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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); Director, CardioNet, Inc.<sup>3</sup> (2009-present) (health care). 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></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">William N. Searcy, Jr. (1946)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1993</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Jean Gleason Stromberg (1943)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1997</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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; Business Leadership Council, Wellesley College. Former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for
                    retirement plans) (1987-1990 and 1994-1996)</font></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">125</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_110" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Robert H. Wadsworth</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">(1940)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Board Member since 1999</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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></p>
                </td>

                <td class="CLASS_50" valign="top" align="center">
                    <p class="CLASS_17" align="center"><font color="#000000" size="-2">128</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_5" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_113" valign="top" align="left" colspan="2">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-1">Officers<sup>5</sup></font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_57" 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>6</sup></font></b></p>
                </td>

                <td class="CLASS_56" 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_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Michael G. Clark<sup>7</sup> (1965)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">President, 2006-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Managing Director<sup>4</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></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">John Millette<sup>8</sup> (1962)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Vice President and Secretary, 1999-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Director<sup>4</sup>, Deutsche Asset Management</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Paul H. Schubert<sup>7</sup> (1963)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Chief Financial Officer, 2004-present</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Treasurer, 2005-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Managing Director<sup>4</sup>, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Caroline Pearson<sup>8</sup> (1962)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Assistant Secretary, 1997-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Managing Director<sup>4</sup>, Deutsche Asset Management</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_57" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Rita Rubin<sup>9</sup> (1970)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Assistant Secretary, 2009-present</font></p>
                </td>

                <td class="CLASS_56" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Vice President and Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007); Attorney, Shearman &amp; Sterling LLP (2004); Director and Associate General Counsel, UBS Global Asset Management (US) Inc. (2001-2004)</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Paul Antosca<sup>8</sup> (1957)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Assistant Treasurer, 2007-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Director<sup>4</sup>, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Jack Clark<sup>8</sup> (1967)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Assistant Treasurer, 2007-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Director<sup>4</sup>, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Diane Kenneally<sup>8</sup> (1966)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Assistant Treasurer, 2007-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Director<sup>4</sup>, Deutsche Asset Management</font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Jason Vazquez<sup>9</sup> (1972)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Anti-Money Laundering Compliance Officer, 2007-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" 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></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Robert Kloby<sup>9</sup> (1962)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Chief Compliance Officer, 2006-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Managing Director<sup>4</sup>, Deutsche Asset Management </font></p>
                </td>
            </tr>

            <tr class="CLASS_6">
                <td class="CLASS_109" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">J. Christopher Jackson<sup>9</sup> (1951)</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Chief Legal Officer, 2006-present</font></p>
                </td>

                <td class="CLASS_108" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Director<sup>4</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></p>
                </td>
            </tr>
        </table>

        <p class="CLASS_107" id="mit.html.47" align="left"><font color="#000000" size="-2">Mr. Axel Schwarzer resigned from the fund's Board effective November 18, 2009. Mr.&nbsp;Schwarzer was an interested Board Member by virtue of his positions with Deutsche Asset Management. As an interested person, Mr. Schwarzer received no compensation from the fund.</font></p>

        <p class="CLASS_13" align="left"><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></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>2</sup> </font><i><font color="#000000" size="-2">Mr. Freeman assumed the Chairperson role as of January 1, 2009. Prior to that Ms.&nbsp;Driscoll served as Chairperson of certain DWS funds since 2004.</font></i></p>

        <p class="CLASS_75" align="left"><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></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>4</sup> </font><i><font color="#000000" size="-2">Executive title, not a board directorship.</font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>5</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></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>6</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></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>7</sup> </font><i><font color="#000000" size="-2">Address: 345 Park Avenue, New York, New York 10154.</font></i></p>

        <p class="CLASS_75" align="left"><font color="#000000" size="-2"><sup>8</sup> </font><i><font color="#000000" size="-2">Address: One Beacon Street, Boston, MA 02108.</font></i></p>

        <p class="CLASS_75" id="mit.html.48" align="left"><font color="#000000" size="-2"><sup>9</sup> </font><i><font color="#000000" size="-2">Address: 280 Park Avenue, New York, New York 10017.</font></i></p>

        <p class="CLASS_121" 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_3" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_4">
                <td class="CLASS_113" valign="top" align="left" colspan="2">
                    <p class="CLASS_17" align="left">&nbsp;</p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Automated Information Line</font></b></p>
                </td>

                <td class="CLASS_55" 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_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Web Site</font></b></p>
                </td>

                <td class="CLASS_55" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">www.dws-investments.com </font></b></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Obtain quarterly fact sheets, financial reports, press releases and webcasts when available.</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Written Correspondence</font></b></p>
                </td>

                <td class="CLASS_55" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Deutsche Investment Management Americas Inc.</font></b></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">345 Park Avenue</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">New York, NY 10154</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Proxy Voting</font></b></p>
                </td>

                <td class="CLASS_55" valign="top" align="left">
                    <p class="CLASS_17" 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 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></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Legal Counsel</font></b></p>
                </td>

                <td class="CLASS_55" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Vedder Price P.C.</font></b></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">222 North LaSalle Street</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Chicago, IL 60601</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Dividend Reinvestment Plan&nbsp;Agent</font></b></p>
                </td>

                <td class="CLASS_55" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Computershare Inc.</font></b></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">P.O. Box 43078</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Providence, RI 02940-3078</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Shareholder Service Agent and Transfer Agent</font></b></p>
                </td>

                <td class="CLASS_55" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">DWS Investments Service Company</font></b></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">P.O. Box 219066</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Kansas City, MO 64121-9066</font></p>

                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">(800) 294-4366</font></b></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Custodian</font></b></p>
                </td>

                <td class="CLASS_55" 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>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">225 Franklin Street</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Boston, MA 02110</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">Independent Registered Public Accounting Firm</font></b></p>
                </td>

                <td class="CLASS_55" valign="top" align="left">
                    <p class="CLASS_17" align="left"><b><font color="#000000" size="-2">Ernst &amp; Young LLP</font></b></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">200 Clarendon Street</font></p>

                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Boston, MA 02116</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">NYSE Symbol</font></b></p>
                </td>

                <td class="CLASS_55" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">KTF</font></p>
                </td>
            </tr>
        </table>

        <table class="CLASS_1" cellspacing="0" cellpadding="0" border="1">
            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right"><b><font color="#0091ff" size="-2">CUSIP Numbers</font></b></p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Common Shares</font></p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">23338M 106</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Series A (Preferred Shares)</font></p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">23338M 205</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Series B (Preferred Shares)</font></p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">23338M 304</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Series C (Preferred Shares)</font></p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">23338M 403</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Series D (Preferred Shares)</font></p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">23338M 502</font></p>
                </td>
            </tr>

            <tr class="CLASS_2">
                <td class="CLASS_14" valign="top" align="right">
                    <p class="CLASS_15" align="right">&nbsp;</p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">Series E (Preferred Shares)</font></p>
                </td>

                <td class="CLASS_106" valign="top" align="left">
                    <p class="CLASS_17" align="left"><font color="#000000" size="-2">23338M 601</font></p>
                </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_10" id="mit.html.52" align="left"><b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_10" id="mit.html.53" align="left"><b><font color="#0091ff" size="+1">Notes</font></b></p>

        <p class="CLASS_41" align="left"><img alt="mit_backcover0" src="mit_backcover0.gif"></p>

        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">ITEM 2.</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><b><font size="2">CODE OF ETHICS</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="551">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">As of the end of the period, November 30, 2009, DWS Municipal Income Trus 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>
                </table>
            </div>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">DWS MUNICIPAL INCOME TRUST </font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">FORM N-CSR DISCLOSURE RE: AUDIT FEES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">The following table shows the amount of fees that Ernst&nbsp;&amp; Young LLP (&ldquo;E&amp;Y&rdquo;), the Fund&rsquo;s Independent Registered Public Accountant, billed to the Fund during the Fund&rsquo;s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that E&amp;Y provided to the Fund.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"><b><font size="2">Services that the Fund&rsquo;s Independent Registered Public Accountant Billed to the Fund</font></b></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">2009</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">$51,246</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">$7,657</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">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>
                </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: 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 </font><font size="2">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">2009</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">$440,000</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">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>
                </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 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: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify"><font size="2">Non-Audit Services</font></p>

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

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="655" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Fiscal Year</font><br>
                            <font size="2">Ended</font><br>
                            <font size="2">November 30,</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Total </font><br>
                            <font size="2">Non-Audit Fees Billed to Fund</font></p>

                            <p><font size="2">(A)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)</font></p>

                            <p><font size="2">(B)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)</font></p>

                            <p><font size="2">(C)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="bottom" width="131">
                            <p><font size="2">Total of (A), (B)</font><br>
                            <br>
                            <font size="2">and (C)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="131">
                            <p style="TEXT-ALIGN: left" align="left"><font size="2">2009</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">$7,657</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">$440,000</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">$711,000</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">$1,158,657</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>
                </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-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund&rsquo;s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund&rsquo;s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund&rsquo;s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial
            reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund&rsquo;s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund&rsquo;s Audit Committee no later than the next Audit Committee meeting.</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">There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.</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">According to the registrant&rsquo;s principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.</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: 0pt; TEXT-ALIGN: left"><font size="2">In connection with the audit of the 2008 and 2009 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: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">E&amp;Y advised the Fund&rsquo;s Audit Committee that E&amp;Y had identified three matters that it determined to be inconsistent with the SEC&rsquo;s auditor independence rules. </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">First, E&amp;Y advised the Fund&rsquo;s Audit Committee that, in 2007 and 2008, Deutsche Bank AG (&ldquo;DB&rdquo;) provided standard overdraft protection on a depository account to the E&amp;Y member firm in India (&ldquo;E&amp;Y India&rdquo;). 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. E&amp;Y advised the Audit Committee that E&amp;Y India utilized this arrangement twice in 2007; therefore, the arrangement constituted a lending type arrangement in violation of Rule 2-01(c)(1)(ii)(A) of Regulation S-X as described above. E&amp;Y advised the Audit Committee that E&amp;Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&amp;Y noted a number of factors,</font><font size="2">including that the
            arrangement did not create a mutual or conflicting interest between E&amp;Y and the Fund and that the arrangement did not involve the Fund, but rather affiliates of the Fund in the Investment Company Complex. E&amp;Y informed the Audit Committee that E&amp;Y India has cancelled the overdraft arrangement.</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">Second, E&amp;Y advised the Fund&rsquo;s Audit Committee that, in 2008, an E&amp;Y professional purchased interests in a fund sponsored by a subsidiary of Deutsche Bank AG that is not audited by E&amp;Y. Subsequent to the purchase, the E&amp;Y professional became a Covered Person (as defined by SEC rules) of the Fund as a result of providing non-audit services to a DB entity within the Investment Company
            Complex. E&amp;Y informed the Audit Committee that this investment constituted an investment in an affiliate of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&amp;Y advised the Audit Committee that E&amp;Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&amp;Y noted a number of factors, including that</font><font size="2">the E&amp;Y professional did not have any financial interest in the
            Fund and was not involved with the provision of audit services to the Fund. E&amp;Y informed the Audit Committee that the E&amp;Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to 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">Finally, E&amp;Y advised the Fund&rsquo;s Audit Committee that, in 2008, an E&amp;Y professional whose spouse owned interests in two DWS Funds that are not audited by E&amp;Y, became a Covered Person of the Fund as a result of providing attest services to a DB entity within the Investment Company Complex. E&amp;Y informed the Audit Committee that this investment constituted an investment in an affiliate
            of an audit client in violation of the Rule 2-01(c)(1) of Regulation S-X. E&amp;Y advised the Audit Committee that E&amp;Y believes its independence has not been impacted as it relates to the audit of the Fund. In reaching this conclusion, E&amp;Y noted a number of factors, including that</font><font size="2">the E&amp;Y professional did not have any financial interest in the Fund and was not involved with the provision of audit services to the Fund. E&amp;Y informed the Audit
            Committee that the E&amp;Y professional no longer provides any services to any entity within the Investment Company Complex and is no longer deemed to be a Covered Person with respect to the Fund.</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="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: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="4">Proxy Voting and Guidelines</font></b></p>

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="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 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: 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>

            <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>

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

            <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>

            <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: 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: 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>

            <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>

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

            <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>

            <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>

            <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="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>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">The proxy statement (and any additional solicitation materials) and relevant portions of annual statements.</font></p>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; 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>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">Analyst worksheets created for stock option plan and share increase analyses.</font></p>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">Proxy Edge print-screen of actual vote election.</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 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>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">The name of the issuer of the portfolio security; </font></p>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">The exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means); </font></p>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; 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>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">The shareholder meeting date; </font></p>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">A brief identification of the matter voted on; </font></p>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">Whether the matter was proposed by the issuer or by a security holder; </font></p>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">Whether the company cast its vote on the matter; </font></p>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; 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>

            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.28in; TEXT-INDENT: -0.14in; TEXT-ALIGN: justify"><font size="2">Whether the company cast its vote for or against management.</font></p>

            <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>

            <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="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="4">Deutsche Asset Management</font></b></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="4">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: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="5">Table of contents</font></b></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>

            <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 to Restrict Chief Executive Officer&rsquo;s Service on Multiple Boards</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">Proposals to Restrict Supervisory Board Members Service on Multiple Boards</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">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>

            <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>

            <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">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>

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

            <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="560" 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="496">
                            <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: left">&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>

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

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

            <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="424" 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="360">
                            <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: left">&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="401" 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="337">
                            <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: justify">&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>

            <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="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: 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>

            <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="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: 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>

            <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="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: 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>

            <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="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>

            <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>

            <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">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>

            <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>

            <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="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 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="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: 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>
                </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="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 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"><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 33 years of investment industry experience.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">BA and MBA, University of Massachusetts at Amherst.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Eleanor R. Lynch, CFA, Director of Deutsche Asset Management and Co-Lead Portfolio Manager of the Fund.</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&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 22 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 variable 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 is linked to job functions, 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">Variable Compensation &ndash; </font></b><font size="2">Generally,</font><font size="2">variable compensation comprises a greater proportion of total compensation as a portfolio manager&rsquo;s seniority and compensation levels increase. Variable Compensation may include a cash bonus incentive, and potential participation in long-term incentive programs including but not limited to, Deutsche Bank
            equity, equity linked vehicle, and restricted cash. Variable 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 portfolio manager&rsquo;s individual contribution. In evaluating individual contribution, management will consider a combination of quantitative and qualitative factors. Top performing investment professionals earn a total
            compensation package that is highly competitive. As variable compensation increases, the percentage awarded in long-term incentives also increases. Long-term incentives are subject to a clawback provision for unvested portions only </font><font size="2">during the three-year life of the plan should the individual engage in any conduct that is a significant breach of Deutsche Bank policies and procedures. </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 variable compensation than the qualitative portion. </font></p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 3pt; TEXT-ALIGN: left"><b><font size="2">Fund Ownership of Portfolio Managers</font></b></p>

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

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="598" 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="196">
                            <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center"><b><font size="2">Name of</font></b><br>
                            <b><font size="2">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="210">
                            <p style="LINE-HEIGHT: normal; TEXT-ALIGN: center" align="center"><b><font size="2">Dollar Range of</font></b></p>

                            <p style="LINE-HEIGHT: normal; 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="top" width="192">
                            <p style="LINE-HEIGHT: normal; 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="top" width="196">
                            <p style="LINE-HEIGHT: normal"><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="top" width="210">
                            <p style="MARGIN-TOP: 0in"><font size="2">$500,001 - $1,000,000</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="top" width="192">
                            <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="top" width="196">
                            <p style="LINE-HEIGHT: normal"><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="top" width="210">
                            <p style="MARGIN-TOP: 0in"><font size="2">$10,001 - $50,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 3pt; BORDER-TOP: medium none; PADDING-LEFT: 3pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid" valign="top" width="192">
                            <p style="MARGIN-TOP: 0in"><font size="2">$100,001 - $500,000</font></p>
                        </td>
                    </tr>
                </table>
            </div>

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

            <p style="MARGIN-TOP: 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 </font><font size="2">companies (or series thereof) other than the Fund, (2) pooled investment vehicles that are not
            registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by each portfolio manager. Total assets attributed to each portfolio manager in the tables below include total assets of each account managed by them, although the manager may only manage a portion of such account&rsquo;s assets. The tables also show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory
            fee is based on the performance of the account. This information is provided as of the Fund&rsquo;s most recent fiscal year end.</font></p>

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

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><b><font size="2">Other SEC Registered Investment Companies Managed:</font></b></p>

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="573" 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="top" width="137">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="99">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="111">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="137">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="99">
                            <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="top" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">$8,352,438,259</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="111">
                            <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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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="137">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="99">
                            <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="top" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">$4,586,661,948</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="111">
                            <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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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"><b><font size="2">Other Pooled Investment Vehicles Managed:</font></b></p>

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="590" 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="top" width="138">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left"><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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="138">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="96">
                            <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="top" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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="113">
                            <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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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="138">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="96">
                            <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="top" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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="113">
                            <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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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"><b><font size="2">Other Accounts Managed:</font></b></p>

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

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="590" 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="top" width="138">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="113">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="138">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="96">
                            <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="top" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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="113">
                            <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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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="138">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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="96">
                            <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="top" width="131">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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="113">
                            <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="top" width="112">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><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">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, </font><font size="2">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: 0pt; TEXT-ALIGN: left"><font size="2">Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following: </font></p>

            <p style="MARGIN-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-BOTTOM: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left" 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">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>

            <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-BOTTOM: 0in; TEXT-INDENT: 0in; TEXT-ALIGN: left" align="left">&nbsp;</p>
                        </td>

                        <td style="PADDING-TOP: 12pt" 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 style="PADDING-TOP: 12pt" 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>

            <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: 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" 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 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; TEXT-ALIGN: justify"><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: 12pt" valign="top" width="24">
                            <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" 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 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; TEXT-ALIGN: justify"><font size="2">The Advisor and its affiliates and the investment team of each Fund may manage other mutual funds and separate accounts on a long only or 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 <font size="2">(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 and other potential conflicts of interest. Included in these procedures are specific guidelines developed to provide 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></font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-ALIGN: justify">&nbsp;</p>

            <p style="MARGIN-TOP: 12pt; MARGIN-BOTTOM: 0pt; 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 in addition to managing asset management accounts, such wide ranging 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. The Advisor may take investment positions in securities in which other clients or related persons within the Firm have different investment positions. There may be instances in which the Advisor is purchasing or selling for its client accounts, or pursuing an outcome in the context of a workout or restructuring with respect to, securities in which the
            Firm is undertaking the same or differing strategy in other businesses or other client 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, including the Fund. 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 a Fund&rsquo;s Board. </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="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>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 4.65pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="649" border="0">
                    <tr style="HEIGHT: 15.75pt">
                        <td style="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: 15.75pt" valign="bottom" nowrap width="241" rowspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3.75pt; TEXT-ALIGN: left"><font size="2">Period&nbsp;</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: 15.75pt" valign="bottom" nowrap width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(a)</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: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><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: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">(d) </font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 138pt">
                        <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: 138pt" valign="bottom" nowrap width="108">
                            <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; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 138pt" valign="bottom" nowrap width="96">
                            <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: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 138pt" valign="bottom" nowrap width="96">
                            <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; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 138pt" valign="bottom" nowrap width="108">
                            <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</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="241">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">&nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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>

            <div align="left">
                <table style="MARGIN-LEFT: 4.65pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="649" border="0">
                    <tr style="HEIGHT: 15.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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="241">
                            <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="108">
                            <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="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&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="108">
                            <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="241">
                            <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="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="96">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font size="2">n/a</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 15.75pt" valign="bottom" nowrap width="108">
                            <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;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>

        <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="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="590" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="200">
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="390">
                            <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>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="200">
                            <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="390">
                            <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="200">
                            <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="390">
                            <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="200">
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="390">
                            <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>

                            <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>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">President</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="200">
                            <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="390">
                            <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="200">
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="390">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">January 29, 2010</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="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="590" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="200">
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="390">
                            <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>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="200">
                            <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="390">
                            <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="200">
                            <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="390">
                            <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="200">
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="390">
                            <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>

                            <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>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">President</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="200">
                            <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="390">
                            <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="200">
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="390">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">January 29, 2010</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="200">
                            <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="390">
                            <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="200">
                            <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="390">
                            <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="200">
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="390">
                            <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>

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

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">Chief Financial Officer and Treasurer</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="200">
                            <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="390">
                            <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="200">
                            <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 style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="390">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font size="2">January 29, 2010</font></p>
                        </td>
                    </tr>
                </table>
            </div>

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>6
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<HEAD>
<TITLE> </TITLE>
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<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>

<div style='width:600;'>



<p style=' margin-bottom: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>

<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="#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>

<table border="0" cellspacing=0 cellpadding=0 width="703" style='border-collapse:collapse'>
    <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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    <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="#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>



<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="#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>



<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="#TOC10"><U><B><font SIZE=3>E.</font></B></U>                                <u><b><font size=3>Compliance with Applicable Laws, Rules and Regulations</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="#TOC10"><u><b><font size=3>6</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="#TOC11"><U><B><font SIZE=3>IV.</font></B></U>                        <u><b><font size=3>Violation Reporting</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="#TOC11"><u><b><font size=3>7</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'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><a href="#TOC12"><U><B><font SIZE=3>A.</font></B></U>                              <u><b><font size=3>Overview</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="#TOC12"><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="#TOC13"><U><B><font SIZE=3>B.</font></B></U>                               <u><b><font size=3>How to Report</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>C.</font></B></U>                              <u><b><font size=3>Process for Violation Reporting to the Fund Board</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="#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:0pt;margin-bottom:0pt'><a href="#TOC15"><U><B><font SIZE=3>D.</font></B></U>                              <u><b><font size=3>Sanctions for Code Violations</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="#TOC15"><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="#TOC16"><U><B><font SIZE=3>V.</font></B></U>                              <u><b><font size=3>Waivers from the Officer Code</font></b></u></a></p> </td>
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<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:0.17in;text-align:left;'><font size=2>&nbsp;</font></p>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:12pt;margin-bottom:.0001pt'><B><font SIZE=3>I.</font></B></p>  </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:3pt; margin-top:12pt; 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>II.</font></B></p> </td>
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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: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>encourage the prompt internal reporting of violations of the Officer Code to the DeAM Compliance Officer; and </font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>establish accountability for adherence to the Officer Code.</font></p> </td> </tr></table>
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<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;


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top 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;


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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>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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            <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;


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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>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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        <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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            <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;


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            <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;


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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>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>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings</font></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Failure to report violations of the Officer Code</font></p> </td> </tr></table>
</div>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Known or obvious deviations from Applicable Laws</font></p> </td> </tr></table>
</div>



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    <tr >
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="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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        <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>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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    <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>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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<table border="0" cellspacing=0 cellpadding=0 width="344" style='border-collapse:collapse; '>
    <tr >
        <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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    <tr >
        <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>(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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    <tr >
        <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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    <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="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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="708" style='margin-left:0in;border-collapse:collapse;  '>
    <tr >
        <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>


<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 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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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>8
<FILENAME>ex99certan1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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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>


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


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>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'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(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'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </font></p> </td> </tr></table>
</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='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 29, 2010</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 size=2>President</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'>
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        <td width="48" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-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>

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


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


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="564" style='margin-left:5.4pt;border-collapse:collapse'>
    <tr style='page-break-inside:avoid;height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 29, 2010</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 size=2>Chief Financial Officer and Treasurer</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="276" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="288" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
</div>

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



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<DOCUMENT>
<TYPE>EX-99.906
<SEQUENCE>11
<FILENAME>ex906certann.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
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<p style=' margin-bottom:3pt; margin-top:12pt;text-align:right;'><img src="img1.gif"><br> </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='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;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=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>January 29, 2010</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 size=2>President</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 29, 2010</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 size=2>Chief Financial Officer and Treasurer</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid; height:16.5pt'>
        <td width="289" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="301" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:16.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>DWS Municipal Income Trust</font></p> </td> </tr></table>
</div>

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



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


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