<SEC-DOCUMENT>0000088053-16-001579.txt : 20160205
<SEC-HEADER>0000088053-16-001579.hdr.sgml : 20160205
<ACCEPTANCE-DATETIME>20160205164708
ACCESSION NUMBER:		0000088053-16-001579
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20151130
FILED AS OF DATE:		20160205
DATE AS OF CHANGE:		20160205
EFFECTIVENESS DATE:		20160205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DEUTSCHE 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:		161392811

	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:	DWS MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20060206

	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>ar113015mit.htm
<DESCRIPTION>DEUTSCHE MUNICIPAL INCOME TRUST
<TEXT>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">WASHINGTON, D. C. 20549</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">FORM N-CSR</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Investment Company Act file number: 811-05655</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><U>Deutsche Municipal Income Trust</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">(Exact Name of Registrant as Specified
in Charter)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">345 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><U>New York, NY 10154-0004</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">(Address of Principal Executive
Offices) (Zip Code)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Registrant&#8217;s Telephone Number, including Area
Code: <U>(212) 250-3220</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Paul Schubert</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">60 Wall Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><U>New York, NY 10005</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">(Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 131.4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Date of fiscal year end:</FONT></TD>
    <TD STYLE="width: 358.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">11/30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Date of reporting period:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">11/30/2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 655px; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="width: 77.4pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>ITEM 1.</B></FONT></TD>
    <TD STYLE="width: 5.75in; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>REPORT TO STOCKHOLDERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_001.jpg" ALT="mit_DAWM_logo0" STYLE="height: 25px; width: 126px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="color: #00128D">November
30, 2015</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 24pt; color: #00128D"><B>Annual
Report</B></FONT><BR>
<FONT STYLE="font-size: 24pt; color: #00128D"><B>to Shareholders</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Deutsche
Municipal Income Trust</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="color: #00128D">Ticker
Symbol: KTF</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_002.jpg" ALT="mit_Auto0" STYLE="height: 51px; width: 51px"></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Contents</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>3</B></FONT><FONT STYLE="font-size: 12pt">
        Portfolio Management Review </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>9</B></FONT><FONT STYLE="font-size: 12pt">
        Performance Summary </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>11</B></FONT><FONT STYLE="font-size: 12pt">
        Investment Portfolio </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>25</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Assets and Liabilities </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>26</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Operations </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>27</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Cash Flows </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>28</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Changes in Net Assets </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>29</B></FONT><FONT STYLE="font-size: 12pt">
        Financial Highlights </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>31</B></FONT><FONT STYLE="font-size: 12pt">
        Notes to Financial Statements </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>41</B></FONT><FONT STYLE="font-size: 12pt">
        Report of Independent Registered Public Accounting Firm </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>42</B></FONT><FONT STYLE="font-size: 12pt">
        Tax Information </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>43</B></FONT><FONT STYLE="font-size: 12pt">
        Shareholder Meeting Results </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>44</B></FONT><FONT STYLE="font-size: 12pt">
        Dividend Reinvestment and Cash Purchase Plan </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>47</B></FONT><FONT STYLE="font-size: 12pt">
        Advisory Agreement Board Considerations and Fee Evaluation </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>51</B></FONT><FONT STYLE="font-size: 12pt">
        Board Members and Officers </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>56</B></FONT><FONT STYLE="font-size: 12pt">
        Additional Information </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The fund's investment
objective is to provide a high level of current income exempt from federal income tax.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Closed-end funds, unlike
open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are
sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value.
The price of the fund's shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore,
the fund cannot predict whether its shares will trade at, below or above net asset value.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Bond investments are
subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally
fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives
entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Leverage results
in additional risks and can magnify the effect of any gains or losses. Although the fund seeks income that is exempt from federal
income taxes, a portion of the fund&rsquo;s distributions may be subject to federal, state and local taxes, including the alternative
minimum tax.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Deutsche Asset &amp;
Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its
subsidiaries, including the Advisor and DeAWM Distributors, Inc.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">NOT FDIC/NCUA INSURED&emsp;NO
BANK GUARANTEE&emsp;MAY LOSE VALUE&emsp; NOT&nbsp;A&nbsp;DEPOSIT&emsp;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Portfolio
Management Review </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Market Overview and
Fund Performance</B></FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>All performance information
below is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth
more or less when sold. Current performance may differ from performance data shown. Please&nbsp;visit deutschefunds.com for the
fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Please refer to pages 9
through 10 for more complete performance information.</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; padding: 9pt">
        <P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><B>Investment Process</B></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The fund's investment
        objective is to provide a high level of current income exempt from federal income tax. Under normal circumstances, at least 80%
        of the fund's net assets, plus the amount of any borrowings for investment purposes, will be invested in municipal securities.
        The fund will invest substantially all of its net assets in tax-exempt municipal securities valued at the time of purchase within
        the four highest grades (Baa or BBB or better) by Moody's Investors Service, Inc. (&quot;Moody's&quot;) or Standard &amp; Poor's
        Corporation (&quot;S&amp;P&quot;). The fund may also invest up to 20% of its assets in unrated municipal securities which, in the
        opinion of the fund's investment advisor, have credit characteristics equivalent to, and will be of comparable quality to, municipal
        securities rated within the four highest grades by Moody's or S&amp;P.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Municipal Income Trust returned 3.51% based
on net asset value for the annual period ending November 30, 2015, compared with 3.10% for the fund's benchmark, the unmanaged,
unleveraged Barclays Municipal Bond Index, and 0.97% for the broad taxable bond market as measured by the Barclays Aggregate Bond
Index, for the same period. The fund's return based on market price was 8.04%. Over the period, the&nbsp;fund's traded shares went
from a discount of 4.12% to a premium of&nbsp;0.07%. The&nbsp;fund maintained its monthly dividend of 7 cents per share through
the fiscal period ended November 30, 2015.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_003.jpg" ALT="mit_portsumbottom3" STYLE="height: 83px; width: 343px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">As the 12-month period ended November 30, 2015 opened,
there was ongoing speculation over when the U.S. Federal Reserve Board (the Fed) would initiate a cycle of hikes in its benchmark
short-term lending rate, after several years of maintaining a zero interest rate policy. However, the Fed&nbsp;would remain in
a data-dependent &quot;wait and see&quot; mode for the entire&nbsp;period, despite the overall modest upward progress of the U.S.
economy. The Fed's patient stance was supported by a strong dollar and&nbsp;the absence of upward pressures on U.S. inflation and
wages, against&nbsp;a global backdrop of heightened macroeconomic and geopolitical&nbsp;uncertainty.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-right: 2.9pt; padding-bottom: 10pt; line-height: 115%; font-size: 12pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><I>&quot;Performance was generally strongest for longer-maturity municipals, as they provided incremental income and were not subject to the rate increases that impacted the short end of the curve</I>.&quot;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In early 2015, the European Central Bank began a program
of sovereign bonds purchases in an effort to avert deflation. The next several months in&nbsp;Europe were dominated by the threat
of a Greek default and exit from&nbsp;the common currency. The Greece crisis would be displaced in global economic headlines by
heightened concerns over slowing growth&nbsp;in China, which has for some time been the primary source of&nbsp;incremental&nbsp;demand
for the global economy. The China concerns were&nbsp;spotlighted in mid-August by the government's devaluation of the renminbi
over three days, which raised fears of a global currency war. Against this backdrop, there was little upward pressure on interest
rates, outside of some emerging markets impacted by currency weakness.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_004.jpg" ALT="mit_portsumbottom2" STYLE="height: 155px; width: 343px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Municipal bonds faced an increasingly challenging supply
backdrop, as issuance rose notably entering 2015. From the standpoint of demand, flows into municipal mutual funds were positive
for most of the 12-month period ended November 2015.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; border-bottom: black 1pt solid">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; font-size: 11pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>AAA Municipal Bond Yield Curve </B>(as of 11/30/15 and 11/30/14)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2.5pt; text-align: center; line-height: 115%; font-size: 12pt"><IMG SRC="image_005.jpg" ALT="mit_yield110" STYLE="height: 130px; width: 343px"></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Source: Thompson Reuters
as of 11/30/15.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chart is for illustrative
purposes only and does not represent any Deutsche AWM product.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">For the full period, performance was generally strongest
for longer-maturity municipals, as they provided incremental income and were not subject to the rate increases that impacted the
short end of the curve. For the 12 months ended November 30, 2015, yields on two-year municipal issues rose 34 basis points, from
0.38% to 0.72%, while bonds with 30-year maturities experienced a yield decrease of 5&nbsp;basis points, from 3.01% to 2.96%, resulting
in a yield curve flattening of 39 basis points between 2 and 30 years. (100 basis points equals one percentage point. See the graph
above for municipal bond yield changes from the beginning to the end of the period.)</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_006.jpg" ALT="mit_portsumbottom1" STYLE="height: 90px; width: 343px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">For the 12 months ending November 30, 2015, most municipal
market credit spreads &mdash; the incremental yield offered by lower-quality issues vs. AAA-rated issues &mdash; narrowed, as investors
continued to seek sources of higher yields in a low-rate environment.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Positive and Negative
Contributors to Performance</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Given a meaningfully steep yield curve, the fund has
maintained significant exposure to bonds with remaining maturities in the 20-to-30-year range. This helped relative performance,
as longer-term issues provided incremental income and their prices were supported by modest declines in interest rates for the
12 months.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The fund had a somewhat higher quality profile than
the benchmark, which was a modest detractor from relative performance as credit spreads narrowed overall during the period. The
fund's overweighting vs.&nbsp;the benchmark of hospital, airport revenue and transportation bonds was helpful, as these sectors
outperformed.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_007.jpg" ALT="mit_portsumbottom0" STYLE="height: 203px; width: 343px"></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Modest remaining legacy exposure to Puerto Rico issues
detracted from relative performance, as headlines concerning the territory's fiscal challenges continued to lead to volatility
in those positions.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Relative to its Morningstar peer group, the fund had
less exposure to&nbsp;the&nbsp;volatile tobacco segment, which strongly outperformed for the 12&nbsp;months ended November 30,
2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Outlook and Positioning</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Municipal yields on an absolute basis are quite low,
but remain reasonably&nbsp;attractive&nbsp;vs. taxable alternatives. At the end of November&nbsp;2015, the 10-year municipal yield
of 2.02% was 91% of the&nbsp;2.21% yield on comparable maturity U.S. Treasuries, as compared to a&nbsp;ratio of 95% twelve months
earlier. While the municipal yield curve has flattened considerably, there remains meaningful incremental yield to be gained out
on the curve, and we continue to see value in the 25-year maturity range.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">With respect to credit spreads, we see selective valuation
opportunities among bonds in the AA quality range. We currently view revenue bonds in the A quality range as providing attractive
relative valuation opportunities, but more broadly are being cautious about adding BBB credit exposure to the fund as spreads are
somewhat narrow by historical standards, particularly in the short end of the curve.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">State and local government finances have continued
to benefit from improving revenues, and developments with respect to some default scenarios have been in a more positive vein.
We believe thorough research into municipal sectors and&nbsp;individual issues continues to be critical. There continue to be uncertainties
with respect to the global and national economic backdrop,&nbsp;and we will closely monitor the implications for Fed policy with&nbsp;respect
to short-term interest rates.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Portfolio Management
Team</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Ashton P. Goodfield, CFA, Managing Director</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Co-Lead Portfolio Manager
of the fund. Began managing the fund in 2014.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Joined Deutsche Asset &amp; Wealth Management in 1986.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
Co-Head of Municipal Bonds.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
BA, Duke University.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Michael J. Generazo, Director</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Co-Lead Portfolio Manager
of the fund. Began managing the fund in 2010.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Joined Deutsche Asset &amp; Wealth Management in 1999.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
BS, Bryant College; MBA, Suffolk University.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Rebecca L. Flinn, Director</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Portfolio Manager of
the fund. Began managing the fund in 2014.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Joined Deutsche Asset &amp; Wealth Management in 1986.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
BA, University of Redlands, California.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The views expressed 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&nbsp;and future portfolio holdings are subject to risk.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Terms to Know</B></FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The unmanaged, unleveraged
<B>Barclays Municipal Bond Index</B> covers the U.S.-dollar-denominated long-term tax-exempt bond market. The index has four main
sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The <B>Barclays Aggregate
Bond Index</B> is an unmanaged, unleveraged index representing domestic taxable investment-grade bonds, with index components for
government and corporate securities, mortgage pass-through securities, and asset-backed securities with average maturities of one
year or more.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Index returns do not
reflect any fees or expenses and it is not possible to invest directly&nbsp;into an index.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The <B>yield curve</B>
is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds
with longer maturities typically offer higher yields than short-term bonds.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Credit quality</B>
measures 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. Credit quality does not remove market
risk and is subject to change.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Overweight</B> means
the fund holds a higher weighting in a given sector or security than the benchmark. <B>Underweight</B> means the fund holds a lower
weighting.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Performance
Summary </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">November 30, 2015 (Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>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 deutschefunds.com for the Fund's
most recent month-end performance.</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fund specific data
and performance are provided for informational purposes only and are not intended for trading purposes.</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Average Annual Total Returns </B>as of 11/30/15</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Deutsche Municipal Income Trust</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Based on Net Asset Value<SUP>(a)</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3.51%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9.10%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7.66%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Based on Market Price<SUP>(a)</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8.04%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8.95%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7.44%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Barclays Municipal Bond Index<SUP>(b)</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.10%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.79%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.73%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Morningstar Closed-End Municipal National Long Funds Category<SUP>(c)</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.22%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8.50%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.19%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(a)</SUP> 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 price. 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. Expenses of the Fund include management fee, interest expense and other fund expenses. Total returns
shown take into account these fees and expenses. The expense ratio of the Fund for the six months ended November 30, 2015 was 1.41%
(0.88% excluding interest expense).</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(b) </SUP>The unmanaged,
unleveraged Barclays Municipal Bond Index covers the U.S. dollar-denominated long-term tax exempt bond market. The index has four
main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Index returns do not
reflect any fees or expenses and it is not possible to invest directly into an index.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>(c) </SUP>Morningstar&rsquo;s
Closed-End Municipal National Long Funds category represents muni national long portfolios that invest in municipal bonds. Such
bonds are issued by various state and local governments to fund public projects and are free from federal taxes. To lower risk,
these funds spread their assets across many states and sectors. They focus on bonds with durations of seven years or more. This
makes them more sensitive to interest rates, and thus riskier, than muni funds that focus on bonds with shorter maturities. Morningstar
figures represent the average of the total returns based on net asset value reported by all of the closed-end funds designated
by Morningstar, Inc. as falling into the Closed-End Municipal National Long Funds category. Category returns assume reinvestment
of all distributions. It is not possible to invest directly in a Morningstar category.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value and Market Price</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 11/30/15</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 11/30/14</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net Asset Value</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 13.44</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 13.84</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Market Price</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 13.45</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 13.27</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Prices and net asset
value fluctuate and are not guaranteed.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Distribution Information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Twelve Months as of 11/30/15:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Income Dividends (common
        shareholders)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ .84</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Capital Gain Distributions</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ .02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">November Income Dividend (common shareholders)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ .0700</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Current Annualized Distribution Rate (based on Net Asset Value) as&nbsp;of&nbsp;11/30/15<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.25%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Current Annualized Distribution Rate (based on Market Price) as&nbsp;of&nbsp;11/30/15<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.25%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tax Equivalent Distribution Rate (based on Net Asset Value) as&nbsp;of&nbsp;11/30/15<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11.04%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Tax Equivalent Distribution Rate (based on Market Price) as&nbsp;of&nbsp;11/30/15<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11.03%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>&dagger;</SUP> Current
annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on
November 30, 2015. 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 43.4%. Distribution rates are historical,
not guaranteed and will fluctuate. Distributions do not include return of capital or other non-income sources.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Investment
Portfolio </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">as of November 30, 2015</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Principal Amount ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 63%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; font-size: 12pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Municipal Bonds and Notes 120.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Arizona 1.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Arizona, Salt Verde Financial Corp., Gas Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.0%, 12/1/2037, GTY: Citigroup, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,050,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,176,325</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.5%, 12/1/2029, GTY: Citigroup, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,400,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,695,722</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, 5.0%, 7/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,338,910</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6,210,957</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>California 19.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, Bay Area Toll Authority, Toll Bridge Revenue, San&nbsp;Francisco Bay Area, Series F-1, Prerefunded, 5.125%,&nbsp;4/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,675,050</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,993,815</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, M-S-R Energy Authority, Series A, 7.0%,&nbsp;11/1/2034, GTY: Citigroup, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,180,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,511,721</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, San Gorgonio Memorial Healthcare, Election of 2006, Series C, Prerefunded, 7.2%, 8/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,544,900</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.25%, 9/1/2029</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,345,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,263,645</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, State General Obligation:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.0%, 11/1/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,730,500</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.25%, 4/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,295,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,983,016</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.5%, 3/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,370,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,585,117</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.0%, 4/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,657,900</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,398,900</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 &amp; 9, Series&nbsp;A, 6.25%, 4/1/2034</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,640,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,764,816</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">California, Statewide Communities Development Authority Revenue, American Baptist Homes of the West, 6.25%, 10/1/2039, GTY: American Baptist Homes of the Midwest </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,250,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,378,700</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Corona-Norco, CA, Unified School District, Election of 2006, Series A, Prerefunded, 5.0%, 8/1/2031, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,130,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,501,925</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Long Beach, CA, Harbor Revenue, Series D, 5.0%,&nbsp;5/15/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,065,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,236,401</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Los Angeles, CA, Community College District, Election&nbsp;of&nbsp;2008, Series C, 5.25%, 8/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,481,770</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Los Angeles, CA, Department of Airports Revenue, Los&nbsp;Angeles International Airport, Series B, 5.0%,&nbsp;5/15/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,636,705</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Port Oakland, CA, Series A, AMT, 5.0%,&nbsp;11/1/2027,&nbsp;INS:&nbsp;NATL </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,850,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,235,047</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,689,150</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">San Diego, CA, Community College District, Election of 2006, 5.0%, 8/1/2036</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,850,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,304,062</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">San Diego, CA, Unified School District, Election 2012, Series&nbsp;C, 5.0%, 7/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,810,050</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>104,383,190</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Colorado 3.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., Prerefunded, 5.0%,&nbsp;12/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,500,325</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Colorado, State Board of Governors, Colrado State University System Revenue, Series E-1, 5.0%, 3/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,179,520</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,450,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,404,567</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Denver, CO, City &amp; County Airport Revenue, Series A, AMT, 5.25%, 11/15/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,400,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,654,376</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>20,738,788</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>District of Columbia 0.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">District of Columbia, Metropolitan Airport Authority Systems&nbsp;Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, AMT, 5.0%, 10/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">800,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">887,952</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, AMT, 5.0%, 10/1/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,400,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,736,940</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4,624,892</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Florida 11.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Aviation Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, AMT, 5.0%, 10/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,533,550</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.5%, 10/1/2041</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,221,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Aviation Revenue, Miami International Airport:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, AMT, 5.25%, 10/1/2033, INS: AGC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,285,485</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A-1, 5.375%, 10/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,286,520</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, Prerefunded, 5.75%, 4/1/2028</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,055,170</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,363,810</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">North Brevard County, FL, Hospital District Revenue, Parrish&nbsp;Medical Center Project:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.5%, 10/1/2028</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,520,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,671,681</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Prerefunded, 5.5%, 10/1/2028</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,770,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,249,393</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.75%, 10/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,440,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,579,752</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Prerefunded, 5.75%, 10/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,560,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,037,539</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Orlando &amp; Orange County, FL, Expressway Authority&nbsp;Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series C, 5.0%, 7/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,705,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,033,035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.0%, 7/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,895,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,326,444</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>62,643,379</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Georgia 8.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Atlanta, GA, Airport Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.0%, 1/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,030,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,151,931</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series C, AMT, 5.0%, 1/1/2037</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,690,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,826,856</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Atlanta, GA, Water &amp; Wastewater Revenue, Series A, Prerefunded, 6.25%, 11/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,815,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,961,020</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gainesville &amp; Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series A, 5.5%, 2/15/2045</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,135,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,342,672</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.0%, 3/15/2020, GTY: JPMorgan Chase &amp; Co. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,250,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,175,028</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch &amp; Co., Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,980,800</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch &amp; Co., Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,105,200</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038, INS: AGC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,300,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,673,989</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>42,217,496</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Guam 0.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">535,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>626,587</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Hawaii 1.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Hawaii, State Airports System Revenue, Series A, AMT, 5.0%, 7/1/2041</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,490,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,657,804</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Hawaii, State Airports Systems Revenue, Series A, 5.0%,&nbsp;7/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,200,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,690,098</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Hawaii, State Department of Budget &amp; Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc., 6.5%, 7/1/2039, GTY: Hawaiian Electric Co., Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,133,790</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7,481,692</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Idaho 1.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.0%, 7/1/2035, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,738,500</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.75%, 11/1/2037</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,135,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,419,211</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5,157,711</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Illinois 8.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chicago, IL, Airport Revenue, O'Hare International Airport:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.75%, 1/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,823,400</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series B, 6.0%, 1/1/2041</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,627,470</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, Finance Authority Revenue, Advocate Health Care Network, Series D, Prerefunded, 6.5%, 11/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,157,270</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, Finance Authority Revenue, Memorial Health Systems, 5.5%, 4/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,200,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,590,852</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,750,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,209,252</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, Railsplitter Tobacco Settlement Authority, 6.0%,&nbsp;6/1/2028</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">915,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,087,972</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, State Finance Authority Revenue, Advocate Health Care Network:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series B, 5.375%, 4/1/2044</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,320,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,440,252</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series B, Prerefunded, 5.375%, 4/1/2044</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,180,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,346,038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, 5.0%, 11/15/2032</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">730,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">815,863</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, State Finance Authority Revenue, OSF Healthcare System, Series A, 5.0%, 11/15/2045</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,745,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,919,517</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,580,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,703,129</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,445,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,008,982</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Springfield, IL, Electric Revenue, Senior Lien, 5.0%,&nbsp;3/1/2040, INS: AGMC (a) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">970,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,074,353</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>42,804,350</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Indiana 1.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, Prerefunded, 6.75%,&nbsp;3/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,745,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,061,735</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, 5.0%, 3/1/2041</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,381,300</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7,443,035</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Kentucky 1.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042, INS: AGC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,344,320</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Louisville &amp; Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%,&nbsp;10/1/2030</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,117,300</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9,461,620</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Louisiana 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,241,710</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,315,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,382,945</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5,624,655</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Maryland 0.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Maryland, State Health &amp; Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series&nbsp;A, Prerefunded, 6.75%, 7/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,100,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,319,439</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Maryland, State Health &amp; Higher Educational Facilities Authority Revenue, Washington County Hospital, Prerefunded, 5.75%, 1/1/2033</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,650,495</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,969,934</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Massachusetts 1.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Massachusetts, State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%,&nbsp;3/1/2037</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,853,425</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Massachusetts, State Health &amp; Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%,&nbsp;7/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,570,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,979,229</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6,832,654</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Michigan 5.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Detroit, MI, Water &amp; Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,120,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,221,293</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Michigan, State Building Authority Revenue, Series I-A, 5.375%, 10/15/2041</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,609,100</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Michigan, State Building Authority Revenue, Facilities&nbsp;Program:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series I, 5.0%, 4/15/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,930,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,202,767</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series H, 5.125%, 10/15/2033</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,495,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,770,648</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series I, 6.0%, 10/15/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">395,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">444,438</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series I, Prerefunded, 6.0%, 10/15/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">605,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">690,946</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Michigan, State Finance Authority Revenue, Trinity Health Corp., 5.0%, 12/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">665,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">745,132</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,675,400</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, Prerefunded, 8.25%, 9/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,800,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,153,862</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Wayne County, MI, Airport Authority Revenue, Series F, AMT, 5.0%, 12/1/2034</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,187,720</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>26,701,306</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Minnesota 0.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, Prerefunded, 6.75%,&nbsp;11/15/2032</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,140,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,328,784</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Mississippi 0.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,525,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,715,503</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Nevada 3.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Clark County, NV, Airport Revenue, Series B, 5.125%,&nbsp;7/1/2036</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,305,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,810,493</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,434,400</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Las Vegas Valley, NV, Water District, Series B, 5.0%,&nbsp;6/1/2037</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,830,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,513,300</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>20,758,193</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>New Jersey 2.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New Jersey, Hospital &amp; Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019, INS:&nbsp;AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,125,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,589,104</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,250,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,347,188</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series AA, 5.5%, 6/15/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,730,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,861,324</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series A, 6.0%, 12/15/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,955,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,145,749</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New Jersey, State Turnpike Authority Revenue, Series E, 5.25%, 1/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,750,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,918,805</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11,862,170</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>New York 9.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, Metropolitan Transportation Authority Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series C, 5.0%, 11/15/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,758,100</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series D, 5.0%, 11/15/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,090,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,235,875</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series C, 5.0%, 11/15/2042</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,592,900</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A-1, 5.25%, 11/15/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,673,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">545,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">561,061</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, State Environmental Facilities Corp., State Clean Water &amp; Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%,&nbsp;6/15/2036</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,314,280</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, State Liberty Development Corp. Revenue, World Trade Center Port Authority Construction, 5.25%,&nbsp;12/15/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,202,240</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, Utility Debt Securitization Authority, Restructuring Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series TE, 5.0%, 12/15/2034</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">800,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">938,512</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series TE, 5.0%, 12/15/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,169,180</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York City, NY, Municipal Water Finance Authority, Water &amp; Sewer Revenue, Second General Resolution:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series AA, 5.0%, 6/15/2044</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,669,950</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series EE, 5.375%, 6/15/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,750,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,365,488</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York City, NY, Transitional Finance Authority Revenue,&nbsp;Future Tax Secured, Series C-1, Prerefunded, 5.0%,&nbsp;11/1/2027</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,755,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,218,450</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Port Authority of New York &amp; New Jersey:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AMT, 5.0%, 10/15/2034</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,620,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,847,497</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AMT, 5.0%, 10/15/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">800,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">910,896</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Port Authority of New York &amp; New Jersey, One Hundred Eighty-Fourth:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.0%, 9/1/2036</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">205,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">236,859</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.0%, 9/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">510,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">588,407</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>52,282,695</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>North Carolina 0.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series D, Prerefunded, 6.25%, 12/1/2033</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,466,530</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>North Dakota 0.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Fargo, ND, Sanford Health Systems Revenue, 6.25%,&nbsp;11/1/2031</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,240,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,924,450</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ohio 2.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, 6.5%, 11/15/2037</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,847,025</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.5%, 1/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,642,900</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series B, 5.5%, 1/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,950,030</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,520,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,010,230</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>15,450,185</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Pennsylvania 4.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%,&nbsp;8/15/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,700,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,895,908</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, 5.375%,&nbsp;7/1/2042</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,639,730</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,560,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,730,477</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Pennsylvania, State Turnpike Commission Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.0%, 12/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,030,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,268,403</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series C, 5.0%, 12/1/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,462,920</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Philadelphia, PA, Airport Revenue, Series A, 5.0%,&nbsp;6/15/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,835,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,168,935</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>21,166,373</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Puerto Rico 1.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.5%, 8/1/2042</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,255,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">949,129</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 6.0%, 8/1/2042</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,200,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,378,752</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 6.375%, 8/1/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,375,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,794,545</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5,122,426</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Rhode Island 0.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Rhode Island, Health &amp; Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, 6.25%, 9/15/2034</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,253,940</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 4pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>South Carolina 3.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Charleston County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,560,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,709,312</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,105,770</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">South Carolina, State Ports Authority Revenue, 5.25%,&nbsp;7/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,550,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,856,740</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, 5.75%, 12/1/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,220,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,399,685</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>19,071,507</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Tennessee 1.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021, GTY: Merrill Lynch &amp; Co., Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,307,840</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Jackson, TN, Hospital Revenue, Jackson-Madison Project:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.625%, 4/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,080,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,163,743</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Prerefunded, 5.625%, 4/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,920,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,240,003</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sullivan County, TN, Health, Educational &amp; Housing Facilities&nbsp;Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,050,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,105,555</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8,817,141</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Texas 16.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, 5.0%, 1/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,155,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,264,471</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dallas-Fort Worth, International Airport Revenue, Series F, AMT, 5.0%, 11/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,222,120</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, Prerefunded, 7.25%, 12/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,185,030</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,387,210</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Houston, TX, Airport Revenue, People Mover Project, Series&nbsp;A, AMT, 5.5%, 7/15/2017, INS: AGMC </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,425,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,431,142</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">North Texas, Tollway Authority Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series B, 5.0%, 1/1/2040</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,060,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,278,236</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">First Tier, Series A, 5.625%, 1/1/2033</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,900,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,051,373</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">First Tier, Series A, Prerefunded, 5.625%, 1/1/2033</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,600,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,756,048</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Second Tier, Series F, Prerefunded, 5.75%, 1/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,150,715</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">First Tier, 6.0%, 1/1/2043</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,904,150</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">North Texas, Tollway Authority Revenue, Special Project Systems, Series D, 5.0%, 9/1/2032</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,305,720</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Texas, Dallas/Fort Worth International Airport Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series H, AMT, 5.0%, 11/1/2042</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,425,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,877,662</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series F, 5.25%, 11/1/2033</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,078,165</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series A, 5.25%, 11/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,540,080</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Texas, Grand Parkway Transportation Corp., System&nbsp;Toll&nbsp;Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series B, 5.0%, 4/1/2053</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,849,125</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series B, 5.25%, 10/1/2051</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,639,850</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Texas, Municipal Gas Acquisition &amp; Supply Corp. I, Gas&nbsp;Supply Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series B, 0.926%*, 12/15/2026, GTY:&nbsp;Merrill&nbsp;Lynch&nbsp;&amp;&nbsp;Co.,&nbsp;Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,377,645</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series D, 6.25%, 12/15/2026, GTY:&nbsp;Merrill&nbsp;Lynch&nbsp;&amp;&nbsp;Co.,&nbsp;Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,116,500</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Texas, SA Energy Acquisition Public Facility Corp., Gas&nbsp;Supply Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.5%, 8/1/2021, GTY: The Goldman Sachs Group, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,155,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,357,749</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.5%, 8/1/2025, GTY: The Goldman Sachs Group, Inc. </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,250,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,788,305</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%, 10/1/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,600,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,814,432</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Texas, State Municipal Gas Acquisition &amp; Supply Corp. III Gas Supply Revenue:</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.0%, 12/15/2030</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">250,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">274,038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.0%, 12/15/2031</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,165,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,458,965</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.0%, 12/15/2032</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,193,620</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,235,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,370,998</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2035</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,231,120</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>88,904,469</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Virgin Islands 0.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Virgin Islands, Public Finance Authority Revenue, Gross Receipts Tax Loan Notes, Series A, 5.0%, 10/1/2032</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,500,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,708,725</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Virginia 0.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Washington County, VA, Industrial Development Authority, Hospital Facility Revenue, Mountain States Health Alliance, Series C, 7.75%, 7/1/2038</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,370,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,563,663</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding: 5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Washington 3.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%,&nbsp;8/15/2037</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,432,360</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, 5.0%, 2/1/2041</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,389,600</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, Prerefunded, 6.75%,&nbsp;11/15/2041</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,825,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,339,121</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Washington, State Motor Vehicle Tax-Senior 520 Corridor Program, Series C, 5.0%, 6/1/2031</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,794,200</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>19,955,281</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Wisconsin 0.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Wisconsin, State Health &amp; Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, Prerefunded, 6.625%, 2/15/2039</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,555,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,828,711</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Municipal Bonds and Notes</B> (Cost $562,926,214)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>638,102,992</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; font-size: 12pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Underlying Municipal Bonds of Inverse Floaters (b) 35.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Florida 6.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023, INS: AGMC (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,740,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,087,542</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024, INS: AGMC (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,915,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,278,804</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025, INS: AGMC (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,122,500</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,505,586</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026, INS: AGMC (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,317,500</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,718,707</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032, INS: AGMC (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">16,470,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,000,487</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.411%, 7/1/2016, Leverage Factor at purchase date: 2 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>35,591,126</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Massachusetts 4.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,250,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,586,762</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/28/2037 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,366,236</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.831%, 2/1/2017, Leverage Factor at purchase date: 3 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>24,952,998</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Nevada 6.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,447,355</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,257,036</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,919,723</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,769,887</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/3/2030 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,627,878</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,453,030</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.833%, 6/1/2016, Leverage Factor at purchase date: 3 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>31,479,953</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>New York 8.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2026 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,564,482</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 13.833%, 9/15/2016, Leverage Factor at purchase date: 3 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2024 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,564,200</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: New York, State Dormitory Authority Revenue, Secondary Issues, Series 1955-3, 144A, 18.35%, 9/15/2016, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%,&nbsp;7/1/2025 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,425,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,794,752</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%,&nbsp;7/1/2027 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,080,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,630,710</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.83%, 7/1/2025, Leverage Factor at purchase date: 3 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">New York, Triborough Bridge &amp; Tunnel Authority Revenues, Series C, 5.0%, 11/15/2033 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,000,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,630,480</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: New York, Triborough Bridge &amp; Tunnel Authority Revenues, Series 2008-1188, 144A, 9.38%, 11/15/2033, Leverage Factor at purchase date: 2 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>42,184,624</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Tennessee 6.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,756,695</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,685,848</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 18.345%, 7/1/2017, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,200,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,081,076</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 18.35%, 7/1/2017, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Nashville &amp; Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,564,925</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,477,520</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: Nashville &amp; Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 18.358%, 7/1/2017, Leverage Factor at purchase date: 4 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>34,244,444</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Virginia 3.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,190,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,119,859</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (c) </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,630,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,496,279</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 11.507%, 10/1/2028, Leverage Factor at purchase date: 2.5 to 1 </I></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>17,616,138</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Underlying Municipal Bonds of Inverse Floaters</B> (Cost&nbsp;$172,108,723)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>186,069,283</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>% of Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Investment Portfolio</B> (Cost&nbsp;$735,034,937)<SUP>&dagger;</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">156.0</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>824,172,275</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Floating Rate Notes (b)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(20.9)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(110,401,576)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Series 2018 MTPS, at Liquidation Value</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(37.6)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(198,750,000)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Assets and Liabilities, Net</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.5</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>13,223,664</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets Applicable to Common&nbsp;Shareholders</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100.0</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>528,244,363</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">* Floating rate securities' yields vary with a designated
market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their
current rate as of November 30, 2015.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>&dagger;</SUP> The
cost for federal income tax purposes was $621,113,925. At November 30, 2015, net unrealized appreciation for all securities based
on tax cost was $92,656,774. This consisted of aggregate gross unrealized appreciation for all securities in which there was an
excess of value over tax cost of $98,899,437 and aggregate gross unrealized depreciation for all securities in which there was
an excess of tax cost over value of $6,242,663.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(a) When-issued security.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(b) Securities represent
the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represent leverage
to the Fund and is the amount owed to the floating rate note holders.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(c) Security forms part
of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value
of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">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><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">AGC: Assured Guaranty
Corp.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">AGMC: Assured Guaranty
Municipal Corp.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">AMT: Subject to alternative
minimum tax.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">ETM: Bonds bearing the
description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to
pay principal and interest on bonds so designated.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">GTY: Guaranty Agreement</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">INS: Insured</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">NATL: National Public
Finance Guarantee Corp.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Prerefunded: Bonds which
are prerefunded are collateralized, usually by U.S. Treasury securities which are held in escrow and used to pay principal and
interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fair Value Measurements</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Various inputs are used
in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted
prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds and credit risk). Level&nbsp;3 includes significant unobservable inputs
(including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations
may not be an indication of the risk or liquidity associated with investing in those securities.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The following is a summary
of the inputs used as of November 30, 2015 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 Financial Statements.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 1</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 2</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 3</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Municipal Investments (d)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 824,172,275</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 824,172,275</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 824,172,275</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 824,172,275</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">There have been no transfers
between fair value measurement levels during the year ended November 30, 2015.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(d) See Investment Portfolio
for additional detailed categorizations.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Assets and Liabilities</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">as of November 30, 2015</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investments in securities, at value (cost&nbsp;$735,034,937) </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 824,172,275</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,984,658</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Interest receivable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,636,700</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,980</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deferred offering costs</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">232,132</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">839,039,745</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Liabilities</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for investments purchased &mdash; when-issued security</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,050,539</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for floating rate notes issued</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">110,401,576</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distribution payable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">166,950</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accrued management fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">335,343</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accrued Trustees' fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,431</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other accrued expenses and payables</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">82,543</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series 2018 MTPS, at liquidation value (see page 34 for more details)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">198,750,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total liabilities</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">310,795,382</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets applicable to common shareholders, at value</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 528,244,363</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets Applicable to Common Shareholders Consist of</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Undistributed net investment income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,676,531</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net unrealized appreciation (depreciation) on investments</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">89,137,338</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accumulated net realized gain (loss)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8,957,444)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paid-in capital</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">434,387,938</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets applicable to common shareholders, at value</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 528,244,363</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value</B> per common share ($528,244,363&nbsp;&divide;&nbsp;39,300,734 outstanding shares of beneficial interest, $.01&nbsp;par&nbsp;value, unlimited number of common shares authorized)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.44</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Operations</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">for the year ended November 30, 2015</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Investment Income</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Income:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Interest</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 39,683,471</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Expenses:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Management fee</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,034,385</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Services to shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">43,077</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Custodian fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,400</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Professional fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">118,858</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reports to shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">83,689</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Trustees' fees and expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">34,021</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Interest expense </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,835,075</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Stock Exchange listing fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">37,309</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Offering costs</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">249,887</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">96,907</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total expenses </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,545,608</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net investment income</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>32,137,863</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Realized and Unrealized Gain (Loss) </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss) from investments</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(785,712)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation) on investments</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(13,462,150)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(14,247,862)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net increase (decrease) in net assets resulting from operations</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 17,890,001</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions to Remarketed Preferred Shares</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(7,207)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net increase (decrease) in net assets applicable to common shareholders </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 17,882,794</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Cash Flows</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">for the year ended November 30, 2015</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 9pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Increase (Decrease)
        in Cash:</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Cash Flows from Operating
        Activities</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets resulting from operations (excluding distributions to Remarketed Preferred Shareholders)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 17,890,001</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Adjustments to reconcile
        net increase (decrease) in net assets resulting from operations to net cash provided by operating&nbsp;activities:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Purchases of long-term
        investments</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(160,478,129)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net amortization of premium/(accretion of discount)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">613,154</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proceeds from sales and maturities of long-term investments</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">171,214,303</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Increase) decrease in interest receivable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">554,590</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Increase) decrease in other assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">428</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Increase) decrease in receivable for investments purchased &mdash; when-issued security</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,050,539</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Increase (decrease) in accrued expenses and payables</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(81,106)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in unrealized (appreciation) depreciation on investments</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,462,150</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized (gain) loss from investments</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">785,712</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Cash provided (used) by operating activities</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>45,011,642</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Cash Flows from Financing Activities</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Increase) decrease in deferred offering cost on Series 2015 MTPS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">191,774</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Increase) decrease in deferred offering cost on Series 2018 MTPS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(232,132)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Increase from issuance of Series 2018 MTPS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">198,750,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Decrease from redemption of Series 2015 MTPS</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(188,865,000)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Decrease from redemption of Remarketed Preferred Shares</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(9,885,000)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions paid (net of reinvestment of distributions)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(33,255,854)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Increase (decrease) in payable for floating rate notes issued</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8,780,000)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Cash provided (used) for financing activities</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(42,076,212)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Increase (decrease) in cash</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,935,430</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash at beginning of period</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">49,228</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Cash at end of period </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 2,984,658</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Supplemental Disclosure </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reinvestment of distributions</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 379,236</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Interest paid on preferred shares</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ (2,117,992)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Interest expense and fees on floating rate notes issued</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ (731,679)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Changes in Net Assets</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Increase (Decrease) in Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended November&nbsp;30,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Operations:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 32,137,863</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 32,785,138</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(785,712)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">503,409</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(13,462,150)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">44,985,941</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets resulting from operations</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17,890,001</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">78,274,488</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions to Remarketed Preferred Shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(7,207)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(11,803)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net increase (decrease) in net assets applicable to common shareholders</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17,882,794</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">78,262,685</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Distributions to common
        shareholders from:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(33,000,433)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(32,989,245)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(612,854)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(314,183)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total distributions</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(33,613,287)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(33,303,428)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Fund share transactions:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net proceeds from shares
        issued to common shareholders in reinvestment of distributions</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">379,236</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets from Fund share transactions</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">379,236</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Increase (decrease) in net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(15,351,257)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">44,959,257</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at beginning of period applicable to common shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">543,595,620</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">498,636,363</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period applicable to common shareholders (including undistributed net investment income of $13,676,531 and $15,851,081, respectively)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 528,244,363</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 543,595,620</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Common shares outstanding at beginning of period</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">39,272,911</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">39,272,911</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares issued to common shareholders in reinvestment of distributions</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">27,823</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Common shares outstanding at end of year</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">39,300,734</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">39,272,911</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes
are an integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Financial
Highlights</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended November 30,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2011</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Selected Per Share Data Applicable to Common Shareholders </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, beginning of&nbsp;period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.84</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 12.70</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 14.74</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 12.56</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 12.03</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>Income (loss) from
        investment operations:</I></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income<SUP>a</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.82</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.83</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.85</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.89</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.93</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized and unrealized gain&nbsp;(loss) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.36)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.16</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2.04)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.96</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.45</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total from investment operations</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.46</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.99</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.19)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.85</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.38</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions to remarketed preferred shareholders from net investment income (common share&nbsp;equivalent)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.00)<SUP>*</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.00)<SUP>*</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.00)<SUP>*</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.01)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.01)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net increase (decrease) in net&nbsp;assets from operations applicable to common shareholders</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.46</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.99</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.19)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.84</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.37</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>Less distributions
        applicable to common shareholders from:</I></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.84)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.84)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.84)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.84)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.84)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.02)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.01)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.01)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.01)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total distributions</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.86)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.85)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.85)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.85)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.84)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NAV accretion resulting from Remarketed Preferred Shares tendered at a discount<SUP>a</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.19</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, end of period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.44</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.84</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 12.70</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 14.74</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 12.56</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market price, end of period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.45</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.27</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 11.80</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 15.39</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 13.18</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Return</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based on net asset value&nbsp;(%)<SUP>b</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.51</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">16.21</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8.13)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">24.85</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12.03</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based on market price&nbsp;(%)<SUP>b</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8.04</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19.92</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18.25)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">24.22</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">16.69</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ratios to Average Net Assets Applicable to Common Shareholders and Supplemental&nbsp;Data</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets, end of period ($&nbsp;millions)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">528</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">544</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">499</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">578</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">491</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ratio of expenses (%) (including interest expense)<SUP>c,d</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.41</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.45</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.36</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.16</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.23</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ratio of expenses (%) (excluding interest expense)<SUP>e</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.88</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.88</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.87</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.96</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.98</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ratio of net investment income&nbsp;(%)<SUP>f</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.01</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.23</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.25</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.52</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7.81</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Portfolio turnover rate&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">32</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">40</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">33</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-bottom: 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Financial Highlights </B>(continued)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended November 30,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2011</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Senior Securities</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Preferred Shares information
        at period end, aggregate amount outstanding:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Remarketed Preferred
        Shares ($&nbsp;millions)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">199</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Series MTPS ($&nbsp;millions)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">199</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">189</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">189</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">189</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Asset coverage per share&nbsp;($)<SUP>g</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,289</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,675</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17,544</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,538</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17,354</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Liquidation and market price per&nbsp;share&nbsp;($)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; padding-top: 6pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>a</SUP> Based on
        average common shares outstanding during the period.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>b</SUP> 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 price. 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><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>c</SUP> Interest
        expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities
        and interest paid to shareholders of Series 2015 MTPS and Series 2018 MTPS.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>d</SUP> The ratio
        of expenses (based on net assets of common and Preferred Shares, including interest expense) were 1.03%, 1.05%, 0.99%, 0.84% and
        0.87% for the periods ended November 30, 2015, 2014, 2013, 2012 and 2011, respectively.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>e</SUP> The ratio
        of expenses (based on net assets of common and Preferred Shares, excluding interest expense) were 0.64%, 0.64%, 0.63%, 0.71% and
        0.69% for the periods ended November 30, 2015, 2014, 2013, 2012 and 2011, respectively.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>f</SUP> The ratio
        of net investment income after distributions paid to Remarketed Preferred Shareholders were 6.01%, 6.23%, 6.25%, 6.46% and 7.72%
        for the periods ended November 30, 2015, 2014, 2013, 2012 and 2011, respectively.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>g</SUP> Asset coverage
        per share equals net assets of common shares plus the liquidation value of the Preferred Shares divided by the total number of
        Preferred Shares outstanding at the end of the period.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>*</SUP> Amount is
        less than $.005.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #00128D"><B>Notes to Financial Statements
</B></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>A. Organization and
Significant Accounting Policies</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Municipal Income Trust (the &quot;Fund&quot;)
is registered under the Investment Company Act of 1940, as amended (the &quot;1940 Act&quot;), as a closed-end, diversified management
investment company organized as a Massachusetts business trust.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Security Valuation.</B></FONT><FONT STYLE="font-size: 12pt">
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. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Various inputs are used in determining the value of
the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for
identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest
rates, prepayment speeds and credit risk). Level&nbsp;3 includes significant unobservable inputs (including the Fund's own assumptions
in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the
risk or liquidity associated with investing in those securities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Municipal debt securities are valued at prices supplied
by independent pricing services approved by the Fund's Board, whose valuations are intended to reflect the mean between the bid
and asked prices. 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. 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
prices, as applicable, obtained from one or more broker-dealers. These securities are generally categorized as Level 2.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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 Board and are generally
categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered 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, 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Disclosure about the classification of fair value measurements
is included in a table following the Fund's Investment Portfolio.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>When Issued/Delayed
Delivery Securities.</B></FONT><FONT STYLE="font-size: 12pt"> The Fund may purchase or sell 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 or sell
a security, the transaction is recorded and the value of the transaction 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. At the time the Fund enters into a purchase transaction it is required
to segregate cash or other liquid assets at least equal to the amount of the commitment. Additionally, the Fund may be required
to post securities and/or cash collateral in accordance with the terms of the commitment. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Certain risks may arise upon entering into when-issued
or delayed delivery transactions 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.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Inverse Floaters.</B></FONT><FONT STYLE="font-size: 12pt">
The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating rate of interest that bears
an inverse relationship to changes in the short-term interest rate market. Inverse floaters are created by depositing a fixed-rate
long-term municipal bond into a special purpose Tender Offer Bond trust (the &quot;TOB Trust&quot;). In turn the TOB Trust issues
a short-term floating rate note and an inverse floater. The short-term floating rate note is issued in a face amount equal to some
fraction of the underlying bond's par amount and is sold to a third party, usually a tax-exempt money market fund. The Fund receives
the proceeds from the sale of the short-term floating rate note and uses the cash proceeds to make additional investments. The
short-term floating rate note represents leverage to the Fund. The Fund, as the holder of the inverse floater, has full exposure
to any increase or decrease in the value of the underlying bond. The income stream from the underlying bond in the TOB Trust is
divided between the floating rate note and the inverse floater. The inverse floater earns all of the interest from the underlying
long-term fixed-rate bond less the amount of interest paid on the floating rate note and the expenses of the TOB Trust. The floating
rate notes issued by the TOB Trust are valued at cost, which approximates fair value. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">By holding the inverse floater, the Fund has the right
to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker
transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption at par
at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying
bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability under the caption &quot;Payable
for floating rate notes issued&quot; in the Statement of Assets and Liabilities. Income earned on the underlying bond is included
in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in &quot;Interest expense&quot;
in the Statement of Operations. For the year ended November 30, 2015, interest expense related to floaters amounted to $731,679.
The weighted average outstanding daily balance of the floating rate notes issued during the year ended November 30, 2015 was approximately
$118,412,000, with a weighted average interest rate of 0.62%.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund may enter into shortfall and forbearance agreements
by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation value
of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in interest
cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund's inverse floater investments.
In addition, the value of inverse floaters may decrease significantly when interest rates increase. The market for inverse floaters
may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside
of the Fund's control, resulting in a reduction of leverage and disposal of portfolio investments at inopportune times and prices.
Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The final rules implementing Section 619 of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (the &quot;Volcker Rule&quot;) preclude banking entities from sponsoring and/or
providing services to TOB Trusts. In response to these rules, investment market participants have developed and are developing
new TOB Trust structures that are designed to ensure that banking entities do not sponsor TOB Trusts in violation of the Volcker
Rule. The Fund currently participates in a number of pre-2014 TOB Trusts (each, a &quot;Legacy TOB Trust&quot;) that will need
to be restructured to conform to Volcker Rule requirements by the applicable compliance date, currently expected to be July 17,
2017, or unwound. Any new TOB&nbsp;Trust structures must currently comply with the Volcker Rule. A Volcker-compliant TOB Trust
structure is similar to traditional TOB Trust structures, with certain key differences. The basic features of the new Volcker-compliant
TOB Trust structure currently intended to be implemented by the funds are as follows:</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Portfolio management continues to make certain basic investment determinations, such as which bonds are placed in the TOB Trust,
the amount of leverage for any given transaction, whether the transaction is structured as non-recourse or recourse, etc.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Similar to traditional TOB Trust structures, the fund continues to be the holder of the TOB Inverse Floater Residual Interests.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Unlike traditional TOB Trust structures, a bank or financial institution no longer serves as the sponsor, depositor, or trust administrator
nor does it have any discretionary decision making authority with respect to the TOB Trust.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Consistent with traditional TOB Trust structures, a bank or financial institution serves as the trustee, liquidity provider, and
remarketing agent.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
A third-party administrative agent retained by the fund performs certain of the roles and responsibilities historically provided
by banking entities in traditional TOB Trust structures, including certain historical sponsor/administrative roles and responsibilities.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The ultimate impact of the new rules on the inverse
floater market and the municipal market generally is not yet certain. Such changes could make early unwinds of TOB Trusts more
likely in adverse market scenarios, may make the use of TOB Trusts more expensive, and may make it more difficult to use TOB Trusts
in general. The new rules may also expose the Fund to additional risks, including, but not limited to, compliance, securities law
and operational risks.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Federal Income Taxes.</B></FONT><FONT STYLE="font-size: 12pt">
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 STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under the Regulated Investment Company Modernization
Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as
short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses.
As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">At November 30, 2015, the Fund had a net tax basis
capital loss carryforward of approximately $12,232,000, including $6,630,000 of pre-enactment losses, which may be applied against
any realized net taxable capital gains of each succeeding year until fully utilized or until November 30, 2016 ($1,969,000), November
30, 2017 ($2,864,000), November 30, 2018 ($500,000) and November 30, 2019 ($1,297,000), the respective expiration dates, whichever
occurs first; and $5,602,000 of post-enactment losses, which may be applied against realized net taxable capital gains indefinitely,
including short-term losses ($3,937,000) and long-term losses ($1,665,000).</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund has reviewed the tax positions for the open
tax years as of November 30, 2015 and has determined that no provision for income tax and/or uncertain tax provisions 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.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Distribution of Income
and Gains.</B></FONT><FONT STYLE="font-size: 12pt"> Distributions from net investment income of the Fund are 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. The Fund may
also make additional distributions for tax purposes if necessary. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The timing and characterization of certain income and
capital gain 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, reclassification of distributions 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">At November 30, 2015, the Fund's components of distributable
earnings (accumulated losses) on a tax basis were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; border-top-style: outset; border-top-width: 1pt; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Undistributed tax-exempt income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 13,676,531</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Capital loss carryforwards</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ (12,232,000)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net unrealized appreciation (depreciation) on investments</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 92,656,774</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In addition, the tax character of distributions paid
to common shareholders by the Fund is summarized as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended November 30,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions from ordinary income*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 595,084</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 314,183</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions from tax-exempt income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 33,018,203</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 32,989,245</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* For tax purposes, short-term
capital gain distributions are considered ordinary income distributions.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Preferred Shares.</B></FONT><FONT STYLE="font-size: 12pt">
On June 1, 2015, the Fund issued 39,750 shares of a new series of Floating Rate Municipal Term Preferred Shares (&quot;Series 2018
MTPS&quot;) in a private offering with an aggregate liquidation preference of $198,750,000 ($5,000 per share). The Series 2018
MTPS are floating rate preferred shares with a mandatory term redemption date of June 1, 2018, unless extended. Dividends on the
Series 2018 MTPS are set weekly to a fixed&nbsp;spread (dependent on the then current rating of the Series 2018 MTPS) to the Securities
Industry and Financial Markets Association (&quot;SIFMA&quot;) Municipal Swap Index. The average annualized dividend rate on the
Series 2018 MTPS for the period June 1, 2015 through November 30, 2015 was 1.03%. In the Fund's Statement of Assets and Liabilities,
the Series 2018 MTPS' aggregate liquidation preference is shown as a liability since the Series 2018 MTPS have a stated mandatory
redemption date. Dividends paid on the Series 2018 MTPS are treated as interest expense and recorded as incurred. For the period
June 1, 2015 through November 30, 2015, interest expense related to Series 2018 MTPS amounted to $1,031,586. Costs directly related
to the issuance of Series 2018 MTPS have been deferred and are being amortized over the life of the MTPS. The Series 2018 MTPS
are senior in priority to the Fund&rsquo;s outstanding common shares as to payments of dividends and distributions upon liquidation.
The Fund used a portion of the proceeds from the sale of its Series 2018 MTPS to fund the redemption on June 1, 2015 of all of
its outstanding Floating Rate Municipal Term Preferred Shares (&quot;Series 2015 MTPS&quot;) and used the remaining portion of
its Series 2018 MTPS offering proceeds to fund the redemption of all of its outstanding Series B, C and E remarketed preferred
shares (&quot;Remarketed Preferred Shares&quot;). The redemption date for the Fund&rsquo;s Series B and C Remarketed Preferred
Shares was June 12, 2015, and the redemption date for its Series E Remarketed Preferred Shares was June 15, 2015. The Remarketed
Preferred Shares were redeemed at their respective liquidation preferences per share plus dividends owed to, but excluding, the
applicable redemption dates. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Prior to June 1, 2015, the Fund had issued and outstanding
37,773 Series&nbsp;2015 MTPS and 321 Series B, 1,652 Series C, and 4 Series E Remarketed Preferred Shares, each with a liquidation
preference of $5,000 per share. With respect to the payment of dividends and to the distribution of assets upon the dissolution,
liquidation or winding up of the affairs of the Fund, the Series 2015 MTPS and the Remarketed Preferred Shares ranked on parity
with each other, and were both senior in priority to the Fund's outstanding common shares.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Series 2015 MTPS were a floating rate form of preferred
shares with a term redemption date of December 1, 2015, unless extended by the holders of the Series 2015 MTPS. Dividends were
set weekly to a fixed spread (dependent on the then current rating of the Series 2015 MTPS) against the SIFMA Municipal Swap Index.
The average annualized dividend rate on the Series 2015 MTPS for the period December 1, 2014 through May 31, 2015 was 1.14%. Dividends
paid on the Series 2015 MTPS were treated as interest expense and recorded as incurred. For the period December 1, 2014 through
May 31, 2015, interest expense related to the Series 2015 MTPS amounted to $1,071,810.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Remarketed Preferred Shares were preferred shares
whose dividend rate was set through a remarketing process, with the dividends generally paid every seven days. For remarketing
to be successful, the number of Remarketed Preferred Shares bid must meet or exceed the number of Remarketed Preferred Shares being
offered for sale. Since February 2008, remarketings of the Remarketed Preferred Shares failed. In the event of a failed remarketing,
the Remarketed Preferred Shares' dividend rate adjusted to a &quot;maximum rate.&quot; The maximum rate was 125% of the Commercial
Paper Rate (generally defined as the 60-day AA/Aa commercial paper rate). While prolonged remarketing failures affected the liquidity
for the Remarketed Preferred Shares, a failed remarketing did not represent a default on or loss of capital of, the Remarketed
Preferred Shares and the remarketed preferred shareholders continued to receive dividends at the previously defined &quot;maximum
rate.&quot; For the period December 1, 2014 through May 31, 2015, the dividend rates ranged from 0.025% to 0.213% for Series B,
0.025% to 0.213% for Series C and 0.113% to 0.225% for Series E.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">As a result of its Series 2018 MTPS issuance and the
redemption of the outstanding Series 2015 MTPS and Remarketed Preferred Shares, the Fund&rsquo;s leverage attributable to preferred
shares remains unchanged.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under the terms of a purchase agreement between the
Fund and the initial purchaser of the Series 2018 MTPS, the Fund is subject to various investment restrictions that are substantially
similar to those that were in place with respect to the Series 2015 MTPS. These investment restrictions are, in certain respects,
more restrictive than those to which the Fund is otherwise subject in accordance with its investment objective and policies. Such
restrictions may limit the investment flexibility that might otherwise be pursued by the Fund if the Series 2018 MTPS were not
outstanding. In addition, the Fund is subject to certain restrictions on its investments imposed by guidelines of the rating agencies
that rate the Series 2018 MTPS, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time
to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed
on the Fund by the 1940 Act. Moreover, the Fund is required to maintain various asset coverage ratios with respect to the Series
2018 MTPS in accordance with the Fund's charter documents and the 1940 Act.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The 1940 Act requires that the preferred shareholders
of the Fund, voting as a separate class, have the right to: a) elect at least two trustees at all times, and b) elect a majority
of the trustees at any time when dividends on the preferred shares are unpaid for two full years. Unless otherwise required by
law or under the terms of the preferred shares, each preferred shareholder is entitled to one vote and preferred shareholders will
vote together with common shareholders as a single class.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Leverage involves risks and special considerations
for the Fund's common shareholders, including the likelihood of greater volatility of net asset value and market price of, and
dividends on, the Fund's common shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates
will reduce the return to common shareholders; and the effect of leverage in a declining market, which is likely to cause a greater
decline in the net asset value of the Fund's common shares than if the Fund were not leveraged, which may result in a greater decline
in the market price of the Fund's common shares. Changes in the value of the Fund's portfolio will be borne entirely by the common
shareholders. If there is a net decrease (or increase) in the value of the Fund's investment portfolio, leverage will decrease
(or increase) the net asset value per share to a greater extent than if leverage were not used. It is also possible that the Fund
will be required to sell assets at a time when it would otherwise not do so, possibly at a loss, in order to redeem preferred shares
to comply with asset coverage or other restrictions imposed by the rating agencies that rate the preferred shares. There is no
assurance that the Fund's leveraging strategy will be successful.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Statement of Cash
Flows.</B></FONT><FONT STYLE="font-size: 12pt"> Information on financial transactions which have been settled through the receipt
and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows represents
the cash position at the Fund's custodian bank at November 30, 2015. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Contingencies.</B></FONT><FONT STYLE="font-size: 12pt">
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 STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Other. </B></FONT><FONT STYLE="font-size: 12pt">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 STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>B. Purchases and Sales
of Securities</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the year ended November 30, 2015, purchases
and sales of investment securities (excluding short-term investments) aggregated $160,478,129 and $171,214,303, respectively.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>C. Related Parties</B></FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Management Agreement.</B></FONT><FONT STYLE="font-size: 12pt">
Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. (&quot;DIMA&quot; or the &quot;Advisor&quot;),
an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating
to investments to be purchased, sold or entered into by the Fund. In addition to portfolio management services, the Advisor provides
certain administrative services in accordance with the Investment Management Agreement. The management fee payable under the Investment
Management Agreement is equal to an annual rate of 0.55% of the Fund's&nbsp;average weekly net assets, computed and accrued daily
and payable monthly. Average weekly net assets, for purposes of determining the management fee, means the average weekly value
of the total assets of the Fund, minus the sum of accrued liabilities of the Fund (other than the liquidation value of the Remarketed
Preferred Shares, Series 2015 MTPS and Series 2018 MTPS). </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Service Provider Fees.</B></FONT><FONT STYLE="font-size: 12pt">
DeAWM Service Company (&quot;DSC&quot;), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder
service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. (&quot;DST&quot;), DSC
has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST
out of the shareholder servicing fee it receives from the Fund. For the year ended November 30, 2015, the amount charged&nbsp;to
the Fund by DSC aggregated $23,592, of which $5,812 is unpaid. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Typesetting and Filing
Service Fees.</B></FONT><FONT STYLE="font-size: 12pt"> 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, 2015, the amount charged to the Fund by DIMA
included in the Statement of Operations under &quot;Reports to shareholders&quot; aggregated $13,533, of which $7,539 is unpaid.
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Trustees' Fees and
Expenses.</B></FONT><FONT STYLE="font-size: 12pt"> The Fund paid retainer fees to each Trustee not affiliated with the Advisor,
plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Other Related Parties.</B></FONT><FONT STYLE="font-size: 12pt">
Until their redemption, Deutsche Bank Trust Company Americas, an affiliate of the Advisor, charged an administration fee for the
Remarketed Preferred Shares and the Series 2015 MTPS. For the period December 1, 2014 through May 31, 2015, the amount charged
to the Fund by Deutsche Bank Trust Company Americas included in the Statement of Operations under &quot;Other&quot; aggregated
$5,000. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>D. Share Repurchases</B></FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Board has authorized the Fund to effect periodic
repurchases of its outstanding shares in the open market from time to time when the Fund's shares trade at a discount to their
net asset value. During the year ended November 30, 2015 and the year ended November 30, 2014, the Fund did not repurchase shares
in the open market.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On September 11, 2015, the Fund announced that the
Fund&rsquo;s Board of Trustees extended the Fund&rsquo;s existing open market share repurchase program for an additional 12-month
period. The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period from December
1, 2015 until November 30, 2016, when the Fund&rsquo;s shares trade at a discount to net asset value. The Board&rsquo;s authorization
of the repurchase program extension follows the previous repurchase program, which commenced on August 1, 2014 and ran until November
30, 2015.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Report
of Independent Registered Public&nbsp;Accounting Firm</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>To the Board of Trustees
and Shareholders of Deutsche Municipal Income Trust:</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">We have audited the accompanying statement of assets
and liabilities of Deutsche Municipal Income Trust (the &quot;Fund&quot;), including the investment portfolio, as of November 30,
2015, and the related statements of operations and cash flows for the year then ended, the statements 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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, 2015, 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material respects, the financial position of Deutsche Municipal Income Trust
at November 30, 2015, 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.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="height: 21.75pt">
    <TD STYLE="vertical-align: top; width: 50%; padding-right: 2.9pt; padding-left: 2.9pt; height: 21.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; height: 21.75pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 85.5pt; border-style: inset; border-width: 1pt; height: 21.75pt; text-align: right; line-height: 115%; font-size: 12pt"><IMG SRC="image_008.jpg" ALT="mit_eny0" STYLE="height: 29px; width: 114px"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%; font-size: 12pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">Boston, Massachusetts</FONT><BR>
<FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">January 25, 2016 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Tax
Information </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Of the dividends paid from net investment income for
the taxable year ended November 30, 2015, 100% are designated as exempt-interest dividends for federal income tax purposes.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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)&nbsp;728-3337.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Shareholder
Meeting Results </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Annual Meeting of Shareholders (the &quot;Meeting&quot;)
of Deutsche Municipal Income Trust (the &quot;Fund&quot;) was held on September 30, 2015. At the close of business on July 8, 2015,
the record date for the determination of shareholders entitled to vote at the Meeting, there were issued and outstanding 39,291,581
common shares and 39,750 preferred shares, each share being entitled to one vote, constituting all of the Fund&rsquo;s outstanding
voting securities. At the Meeting, the holders of 35,374,282 common and preferred shares were represented in person or by proxy,
constituting a quorum. The following matter was voted upon by the shareholders of the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">1. To elect the following five individuals as Trustees
of the Fund:</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">All of the nominees received a sufficient number of
votes to be elected (the resulting votes are presented below):</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Class I Trustees &mdash; elected by Common and Preferred
Shareholders voting together</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Number of Votes:</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Withheld</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dawn-Marie Driscoll</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">34,254,586</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,119,697</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Richard J. Herring</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">34,249,422</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,124,860</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">William N. Searcy, Jr.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">34,241,269</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,133,013</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Trustees &mdash; elected by Preferred Shareholders
only</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Number of Votes:</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Withheld</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Keith R. Fox</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">39,750</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paul K. Freeman</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">39,750</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Dividend
Reinvestment and Cash Purchase&nbsp;Plan</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Board of Trustees of the Fund has established a
Dividend Reinvestment and Cash Purchase Plan (the &quot;Plan&quot;) for shareholders that elect to have all dividends and distributions
automatically reinvested in shares of the Fund (each a &quot;Participant&quot;). DST Systems, Inc. (the &quot;Plan Agent&quot;)
has been appointed by the Fund&rsquo;s Board of Trustees to act as agent for each Participant.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">A summary of the Plan is set forth below. Shareholders
may obtain a copy of the entire Dividend Reinvestment and Cash Purchase Plan by visiting the Fund&rsquo;s Web site at deutschefunds.com
or by calling (800) 294-4366.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">If you wish to participate in the Plan and your shares
are held in your own name, contact DeAWM Service Company (the &quot;Transfer Agent&quot;) at P.O.&nbsp;Box&nbsp;219066, Kansas
City, Missouri 64121-9066 or (800) 294-4366 for the appropriate form. Current shareholders may join the Plan by either enrolling
their shares with the Transfer Agent or making an initial cash deposit of at least $250 with the Transfer Agent. First-time investors
in the Fund may join the Plan by making an initial cash deposit of at least $250 with the Transfer Agent. Initial cash deposits
will be invested within approximately 30 days. 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Transfer Agent will establish a Dividend Investment
Account (the &quot;Account&quot;) for each Participant in the Plan. The Transfer Agent will credit to the Account of each Participant
any cash dividends and capital gains distributions (collectively, &quot;Distributions&quot;) paid on shares of the Fund (the &quot;Shares&quot;)
and any voluntary cash contributions made pursuant to the Plan. Shares in a Participant&rsquo;s Account are transferable upon proper
written instructions to the Transfer Agent.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">If, on the valuation date for a Distribution, Shares
are trading at a discount from net asset value per Share, the Plan Agent shall apply the amount of such Distribution payable to
a Participant (less a Participant&rsquo;s pro rata share of brokerage commissions incurred with respect to open-market purchases
in connection with the reinvestment of such Distribution) to the purchase on the open market of Shares for a Participant&rsquo;s
Account. If, on the valuation date for a Distribution, 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 valuation date to the Transfer Agent in the aggregate
amount of the funds credited to a Participant&rsquo;s Account. 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 valuation date if the net asset value per Share of the Shares on
the valuation date is less than 95% of the fair market value of the Shares on the valuation date. The valuation date will be the
payment date for Distributions. Open-market purchases will be made on or shortly after the valuation date for Distributions, and
in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply
with applicable provisions of federal securities law.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">A Participant may from time to time make voluntary
cash contributions to his or her Account in a minimum amount of $100 in any month (with a $36,000 annual limit) for the purchase
on the open market of Shares for the Participant&rsquo;s Account. Such voluntary contributions will be invested by the Plan Agent
on or shortly after the 15th of each month and in no event more than 30 days after such dates, except where temporary curtailment
or suspension of purchase is necessary to comply with applicable provisions of federal securities law. Voluntary cash contributions
received from a Participant on or prior to the fifth day preceding the 15th of each month will be applied by the Plan Agent to
the purchase of additional Shares as of that investment date. No interest will be paid on voluntary cash contributions held until
investment. Consequently, Participants are strongly urged to ensure that their payments are received by the Transfer Agent on or
prior to the fifth day preceding the 15th of any month. Voluntary cash contributions should be made in U.S. dollars and be sent
by first-class mail, postage prepaid only to the following address (deliveries to any other address do not constitute valid delivery):</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Municipal Income Trust<BR>
Dividend Reinvestment and Cash Purchase Plan<BR>
c/o DeAWM Service Company<BR>
P.O. Box 219066<BR>
Kansas City, MO 64121-9066<BR>
(800) 294-4366</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Participants may withdraw their entire voluntary cash
contribution by written notice received by the Transfer Agent not less than 48 hours before such payment is to be invested.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The cost of Shares acquired for each Participant&rsquo;s
Account in connection with the Plan shall be determined by the average cost per Share, including brokerage commissions, of the
Shares acquired. 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The reinvestment of Distributions does not relieve
the Participant of any tax that many be payable on the Distributions. The Transfer Agent will report to each Participant the taxable
amount of Distributions credited to his or her Account. Participants will be treated for federal income tax purposes as receiving
the amount of the Distributions made by the Fund, which amount generally will be either equal to the amount of the cash distribution
the Participant would have received if the Participant had elected to receive cash or, for Shares issued by the Fund, the fair
market value of the Shares issued to the Participant.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund may amend the Plan at any time or times but,
only by mailing to each Participant appropriate written notice at least 90 days prior to the effective date thereof except when
necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any
other regulatory authority in which case such amendment shall be effective as soon as practicable. The Plan also may be terminated
by the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Shareholders may withdraw from the Plan at any time
by giving the Transfer Agent a written notice. A notice of withdrawal will be effective immediately following receipt of the notice
by the Transfer Agent provided the notice is received by the Transfer Agent at least ten calendar days prior to the record date
for the Distribution; otherwise such withdrawal will be effective after the investment of the current 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 or her Shares in the Plan and send the proceeds to the Participant, less brokerage commissions.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">All correspondence and inquiries concerning the Plan,
and requests for additional information about the Plan, should be directed to DeAWM Service Company at P.O. Box&nbsp;219066, Kansas
City, Missouri 64121-9066 or (800) 294-4366.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Advisory
Agreement Board Considerations and Fee Evaluation</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Board of Trustees approved the renewal of Deutsche
Municipal Income Trust&rsquo;s investment management agreement (the &quot;Agreement&quot;) with Deutsche Investment Management
Americas Inc. (&quot;DIMA&quot;) in September 2015.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In terms of the process that the Board followed prior
to approving the Agreement, shareholders should know that:</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
In September 2015, all of the Fund&rsquo;s Trustees were independent of DIMA and its affiliates.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
The Trustees met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract
review matters. Over the course of several months, the Board&rsquo;s Contract Committee reviewed comprehensive materials received
from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund&rsquo;s performance,
fees and expenses, and profitability from a fee consultant retained by the Fund&rsquo;s Independent Trustees (the &quot;Fee Consultant&quot;).
The Board also received extensive information throughout the year regarding performance of the Fund.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent
Trustees were advised by the Fee Consultant in the course of their review of the Fund&rsquo;s contractual arrangements and considered
a comprehensive report prepared by the Fee Consultant in connection with their deliberations.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund&rsquo;s transfer agency agreement and
other material service agreements.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT>
Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board.
The Board then reviewed the Contract Committee&rsquo;s findings and recommendations.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In connection with the contract review process, the
Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and
its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable,
conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest
or remain invested in the Fund knowing that DIMA managed the Fund. DIMA is part of Deutsche Bank AG&rsquo;s (&quot;Deutsche Bank&quot;)
Asset and Wealth Management (&quot;Deutsche AWM&quot;) division. Deutsche AWM is a global asset management business that offers
a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche
Bank has advised the Independent Trustees that the U.S. asset management business continues to be a critical and integral part
of Deutsche Bank, and that Deutsche Bank will continue to make significant investments in Deutsche AWM, including ongoing enhancements
to Deutsche AWM&rsquo;s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance
groups within the Deutsche AWM division.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">As part of the contract review process, the Board carefully
considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund&rsquo;s performance. In many
cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that
it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">While shareholders may focus primarily on fund performance
and fees, the Fund&rsquo;s Board considers these and many other factors, including the quality and integrity of DIMA&rsquo;s personnel
and such other issues as back-office operations, fund valuations, and compliance policies and procedures.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Nature, Quality and
Extent of Services.</B></FONT><FONT STYLE="font-size: 12pt"> The Board considered the terms of the Agreement, including the scope
of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management
services and administrative services to the Fund. The Board considered the experience and skills of senior management and investment
personnel, the resources made available to such personnel, the ability of DIMA to attract and retain high-quality personnel, and
the organizational depth and stability of DIMA. The Board reviewed the Fund&rsquo;s performance over short-term and long-term periods
and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled
using information supplied by Morningstar Direct (&quot;Morningstar&quot;), an independent fund data service. The Board also noted
that it has put into place a process of identifying &quot;Focus Funds&quot; (e.g., funds performing poorly relative to a peer universe),
and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA&rsquo;s plans to address underperformance.
The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information
provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2014, the Fund&rsquo;s net asset value
performance was in the 4th quartile, 2nd quartile and 1st&nbsp;quartile, respectively, of the applicable Morningstar universe (the
1st&nbsp;quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the
Fund has outperformed its benchmark in the one-, three- and five-year periods ended December 31, 2014. The Board noted the disappointing
investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing
to such underperformance and actions being taken to improve performance. The Board recognized the efforts by DIMA in recent years
to enhance its investment platform and improve long-term performance across the Deutsche fund complex. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fees and Expenses.</B></FONT><FONT STYLE="font-size: 12pt">
The Board considered the Fund&rsquo;s investment management fee schedule, operating expenses and total expense ratios, and comparative
information provided by Lipper Inc. (&quot;Lipper&quot;) and the Fee Consultant regarding investment management fee rates paid
to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable).
With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates
paid by the Fund were lower than the median (1st quartile) of the applicable Lipper peer group (based on Lipper data provided as
of December 31, 2014). The Board noted that the Fund&rsquo;s total (net) operating expenses excluding certain investment related
expenses and based on managed assets were expected to be lower than the median (1st quartile) of the applicable Lipper expense
universe (based on Lipper data provided as of December 31, 2014). The Board also considered the Fund&rsquo;s management fee rate
as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds (&quot;Deutsche Funds&quot;) and considered differences
between the Fund and the comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses
also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily
to European investors (&quot;Deutsche Europe funds&quot;) managed by Deutsche AWM. The Board noted that DIMA indicated that Deutsche
AWM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On the basis of the information provided, the Board
concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided
by DIMA. The Board concluded that the Fund&rsquo;s fee schedule represents an appropriate sharing between the Fund and DIMA of
such economies of scale as may exist in the management of the Fund at current asset levels.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Profitability.</B></FONT><FONT STYLE="font-size: 12pt">
The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated
costs and pre-tax profits realized by DIMA from advising the Deutsche 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
DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA&rsquo;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 DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed
certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted
that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a
comparable basis), DIMA and its affiliates&rsquo; overall profitability with respect to the Deutsche Funds (after taking into account
distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels
of most comparable firms for which such data was available. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Other Benefits to
DIMA and Its Affiliates.</B></FONT><FONT STYLE="font-size: 12pt"> The Board also considered the character and amount of other incidental
benefits received by DIMA and its affiliates. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations,
including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain
primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche
Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching
its conclusion that the Fund&rsquo;s management fees were reasonable. </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Compliance.</B></FONT><FONT STYLE="font-size: 12pt">
The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes
in recent years. The Board noted in particular (i) the experience and seniority of the individual serving as DIMA&rsquo;s and the
Fund&rsquo;s chief compliance officer; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment
of resources by DIMA and its affiliates to compliance matters. </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Based on all of the information considered and the
conclusions reached, the Board unanimously 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 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.</P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Board
Members and Officers</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The following table presents certain information regarding
the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i)&nbsp;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 Kenneth C. Froewiss, Chairman, Deutsche Mutual Funds, P.O.&nbsp;Box 390601, Cambridge, MA 02139. 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, at each annual meeting of shareholders of the Trust, two Board Members are elected by the holders
of Preferred Shares, voting as a separate class (&quot;Preferred Class&quot;), to serve 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.</P>

<P STYLE="font: 12pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Class I Board Members were last elected in 2015 and
will serve until the 2018 Annual Meeting of Shareholders. Class II Board Members were last elected in 2013 and will serve until
the 2016 Annual Meeting of Shareholders. Class III Board Members were last elected in 2014 and will serve until the 2017 Annual
Meeting of Shareholders. Preferred Class Board Members were last elected in 2015 and will serve until the 2016 Annual Meeting of
Shareholders.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Independent Board Members</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name, Year of Birth, Position with the Fund and Length of Time Served<SUP>1</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 52%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Business Experience and Directorships During&nbsp;the Past&nbsp;Five&nbsp;Years</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Number of Funds in Deutsche Fund Complex Overseen</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Directorships Held by Board Member</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kenneth C. Froewiss (1945)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class III</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chairperson since 2013,
        and&nbsp;Board Member since 2001</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Retired Clinical Professor of Finance, NYU Stern School of Business (1997&ndash;2014); Member, Finance Committee, Association for Asian Studies (2002&ndash;present); Director, Mitsui Sumitomo Insurance Group (US) (2004&ndash;present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">William McClayton (1944)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class II</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Vice Chairperson since
        2013, and&nbsp;Board Member since&nbsp;2004</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Private equity investor (since October 2009); previously, Managing Director, Diamond Management &amp; Technology Consultants, Inc. (global consulting firm) (2001&ndash;2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966&ndash;2001); Trustee, Ravinia Festival</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">John W. Ballantine (1946)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class III</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1999</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Retired; formerly, Executive
        Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996&ndash;1998);
        Executive Vice President and Head of International Banking (1995&ndash;1996); former Directorships: Director and former Chairman
        of the Board, Healthways, Inc.<SUP>2</SUP> (provider of disease and care management services) (2003&ndash;2014); Stockwell Capital
        Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>&nbsp;</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Portland General Electric<SUP>2</SUP> (utility company) (2003&ndash; present)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Henry P. Becton, Jr.
        (1943)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class II</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1990</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); former Directorships: Belo Corporation<SUP>2</SUP> (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, Becton Dickinson and Company<SUP>2</SUP> (medical technology company)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Dawn-Marie Driscoll (1946)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class I</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1987</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer &amp; Dodge (law firm) (1988&ndash;1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978&ndash;1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun&nbsp;Capital Advisers Trust (mutual funds) (2007&ndash;2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Keith R. Fox, CFA (1954)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Preferred Class</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1996</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun&nbsp;Capital Advisers Trust (mutual funds) (2011&ndash;2012)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Paul K. Freeman (1950)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Preferred Class</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1993</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consultant, World Bank/Inter-American Development Bank; Chair, Independent Directors Council; Investment Company Institute (executive and nominating committees); formerly, Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998&ndash;2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986&ndash;1998); Directorships: Denver Zoo Foundation (December 2012&ndash;present); former Directorships: Prisma Energy International</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Richard J. Herring (1946)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class I</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1990</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995&ndash;June 2000); Director, Lauder Institute of International Management Studies (July 2000&ndash;June 2006) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Rebecca W. Rimel (1951)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class III</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1995</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983&ndash;2004); Board Member, Investor Education (charitable organization) (2004&ndash;2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001&ndash;2007); Director, Viasys Health Care<SUP>2</SUP> (January&nbsp;2007&ndash;June&nbsp;2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994&ndash;2012)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director, Becton Dickinson and Company<SUP>2</SUP> (medical technology company) (2012&ndash; present); Director, BioTelemetry Inc.<SUP>2</SUP> (health care) (2009&ndash; present)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">William N. Searcy, Jr.
        (1946)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class I</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1993</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Private investor since October 2003; formerly: Pension &amp; Savings Trust Officer, Sprint Corporation<SUP>2</SUP> (telecommunications) (November 1989&ndash;September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998&ndash;2012)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Jean Gleason Stromberg
        (1943)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Class II</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Board Member since 1997</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Retired. Formerly, Consultant (1997&ndash;2001); Director, Financial Markets U.S. Government Accountability Office (1996&ndash;1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978&ndash;1996). Directorships: The William and Flora Hewlett Foundation (charitable organization); former Directorships: Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002&ndash;2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987&ndash;1990 and 1994&ndash;1996)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Officers<SUP>4</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Name, Year of Birth, Position&nbsp;with the Fund and Length of&nbsp;Time Served<SUP>5</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 65%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Business Experience and Directorships During&nbsp;the Past&nbsp;Five&nbsp;Years</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Brian E. Binder<SUP>8
        </SUP>(1972)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">President and Chief&nbsp;Executive&nbsp;Officer,
        2013&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director<SUP>3</SUP> and Head of Fund Administration, Deutsche Asset &amp; Wealth Management (2013&ndash;present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010&ndash;2012); Chief Administrative Officer, Van&nbsp;Kampen Funds Inc. (2008&ndash;2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003&ndash;2008)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">John Millette<SUP>7</SUP>
        (1962)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Vice President and Secretary,
        1999&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Melinda Morrow<SUP>6</SUP>
        (1970)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Vice President, 2012&ndash;present</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Paul H. Schubert<SUP>6</SUP>
        (1963)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer,
        2004&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Treasurer, 2005&ndash;present</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management (since July 2004); formerly: Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998&ndash;2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994&ndash;1998)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Caroline Pearson<SUP>7</SUP>
        (1962)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chief Legal Officer,
        2010&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997&ndash;2010)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Robert Kloby<SUP>6</SUP>
        (1962)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chief Compliance Officer,
        2006&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Managing Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Wayne Salit<SUP>6</SUP>
        (1967)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Anti-Money Laundering
        Compliance Officer, 2014&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011&ndash;2014); and Director, AML Compliance Officer at Deutsche Bank (2004&ndash;2011)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Hepsen Uzcan<SUP>6</SUP>
        (1974)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Assistant Secretary,
        2013&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Paul Antosca<SUP>7</SUP>
        (1957)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Assistant Treasurer,
        2007&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Jack Clark<SUP>7</SUP>
        (1967)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Assistant Treasurer,
        2007&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Diane Kenneally<SUP>7
        </SUP>(1966)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Assistant Treasurer,
        2007&ndash;present</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director,<SUP>3</SUP> Deutsche Asset &amp; Wealth Management</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP> The length
of time served represents the year in which the Board Member joined the board of one or more Deutsche funds currently overseen
by the Board.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP> A publicly
held company with securities registered pursuant to Section&nbsp;12 of the Securities Exchange Act of 1934.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>3</SUP> Executive
title, not a board directorship.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>4</SUP> As a result
of their respective positions held with the Advisor, these individuals are considered &quot;interested persons&quot; of the Advisor
within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>5</SUP> The length
of time served represents the year in which the officer was first elected in such capacity for one or more Deutsche funds.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>6</SUP> Address:
60 Wall Street, New York, NY 10005.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>7</SUP> Address:
One Beacon Street, Boston, MA 02108.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>8</SUP> Address:
222 South Riverside Plaza, Chicago, IL 60606.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Additional
Information</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; font-weight: bold; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Automated Information Line</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Deutsche AWM Closed-End
        Fund Info Line</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>(800) 349-4281</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Web Site</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>deutschefunds.com</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Obtain fact sheets, financial
        reports, press releases and webcasts when available.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Written Correspondence</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Deutsche Asset &amp;
        Wealth Management</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Attn: Secretary of the
        Deutsche Funds</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">One Beacon Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02108</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Legal Counsel</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Vedder Price P.C.</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">222 North LaSalle Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Chicago, IL 60601</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>DST Systems, Inc.</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">333 W. 11th Street, 5th
        Floor</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64105</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>DeAWM Service Company</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">P.O. Box 219066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64121-9066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>(800) 294-4366</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Custodian</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>State Street Bank
        and Trust Company</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">State Street Financial
        Center</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">One Lincoln Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02111</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Independent Registered Public Accounting Firm</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Ernst &amp; Young
        LLP</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">200 Clarendon Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02116</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Proxy Voting</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 are available on our Web site &mdash; deutschefunds.com (click on &quot;proxy voting&quot;at the bottom of the&nbsp;page) &mdash; or on the SEC's Web site &mdash; sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800)&nbsp;728-3337.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Portfolio Holdings</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at 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. The fund's portfolio holdings as of the month-end are posted on deutschefunds.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on deutschefunds.com. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Investment Management</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Investment Management Americas Inc. (&quot;DIMA&quot;
        or the&nbsp;&quot;Advisor&quot;), which is part of Deutsche Asset &amp; Wealth Management, is the investment advisor for the fund.
        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 both institutional and retail clients.</P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">DIMA is an indirect,
        wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of
        financial services, including investment management, retail, private and commercial banking, investment banking and insurance.</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Asset &amp; Wealth Management is the retail
        brand name in&nbsp;the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset
        &amp; Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform
        to American investors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>NYSE Symbol</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">KTF</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; font-weight: bold; line-height: 115%; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>CUSIP Numbers</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Common Shares</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 37%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; line-height: 115%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">25160C 106</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_009.jpg" ALT="mit_backcover0" STYLE="height: 629px; width: 403px"></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 412.95pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 2.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>CODE OF ETHICS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">As of the end of the period covered by this report, the registrant has adopted
        a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">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.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">A copy of the code of ethics is filed as an exhibit to this Form N-CSR.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New"><FONT STYLE="font-family: Times New Roman,serif">The fund&#8217;s audit committee is comprised solely of trustees who are &quot;independent&quot; (as such term has been defined by the Securities and Exchange Commission (&quot;SEC&quot;) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the &quot;Regulations&quot;)). The fund&#8217;s Board of Trustees has determined that there are several &quot;audit committee financial experts&quot; (as such term has been defined by the Regulations) serving on the fund&#8217;s audit committee including Mr. Paul K. Freeman, the chair of the fund&#8217;s audit committee. An &#8220;audit committee financial expert&#8221; is not an &#8220;expert&#8221; 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 &#8220;audit committee financial expert&#8221; 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. In accordance with New York Stock Exchange requirements, the Board believes that all members of the fund&#8217;s audit committee are financially literate, as such qualification is interpreted by the Board in its business judgment, and that at least one member of the audit committee has accounting or related financial management expertise.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 4.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center">Deutsche Municipal
income Trust<BR>
form n-csr disclosure re: AUDIT FEES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
that Ernst&nbsp;&amp; Young LLP (&#8220;EY&#8221;), the Fund&#8217;s Independent Registered Public Accounting Firm, billed to the
Fund during the Fund&#8217;s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services
that EY provided to the Fund.</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center">Services that the Fund&#8217;s Independent
Registered Public Accounting Firm Billed to the Fund</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 119.4pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">Fiscal Year<BR>
Ended<BR>
November 30,</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit Fees Billed to Fund</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit&#45;Related<BR>
Fees Billed to Fund</TD>
    <TD STYLE="width: 96pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Tax Fees Billed to Fund</TD>
    <TD STYLE="width: 83.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">All<BR>
Other Fees Billed to Fund</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$74,036</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$6,879</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2014</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$67,007</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$6,551</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The above &#8220;Tax Fees&#8221; were billed for professional services rendered
for tax return preparation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center">Services that the Fund&#8217;s Independent
Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
billed by EY to Deutsche Investment Management Americas, Inc. (&#8220;DIMA&#8221; or the &#8220;Adviser&#8221;), and any entity
controlling, controlled by or under common control with DIMA (&#8220;Control Affiliate&#8221;) that provides ongoing services to
the Fund (&#8220;Affiliated Fund Service Provider&#8221;), for engagements directly related to the Fund&#8217;s operations and
financial reporting, during the Fund&#8217;s last two fiscal years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 119.4pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">Fiscal Year<BR>
Ended<BR>
November 30,</TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Audit&#45;Related<BR>
Fees Billed<SUP> </SUP>to Adviser and Affiliated Fund Service Providers</TD>
    <TD STYLE="width: 96pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Tax Fees Billed to Adviser and Affiliated Fund Service Providers</TD>
    <TD STYLE="width: 172.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">All<BR>
Other Fees Billed to Adviser and Affiliated Fund Service Providers</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$563,986</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$2,350,151</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2014</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$274,022</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$7,431,158</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The above &#8220;Tax Fees&#8221; were billed in connection with tax compliance
services and agreed upon procedures. All other engagement fees were billed for services in connection with agreed upon procedures
for DIMA and other related entities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center"><B>Non-Audit Services</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The following table shows the amount of fees
that EY billed during the Fund&#8217;s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit
services that EY provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund&#8217;s operations
and financial reporting. The Audit Committee requested and received information from EY about any non-audit services that EY rendered
during the Fund&#8217;s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this
information in evaluating EY&#8217;s independence.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95.75pt; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">Fiscal Year<BR>
Ended<BR>
November 30,</TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total<BR>
        Non&#45;Audit Fees Billed to Fund</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(A)</P></TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total Non-Audit Fees billed to Adviser and Affiliated
        Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(B)</P></TD>
    <TD STYLE="width: 95.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">Total Non-Audit Fees billed to Adviser and Affiliated
        Fund Service Providers (all other engagements)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 6pt; text-align: center">(C)</P></TD>
    <TD STYLE="width: 95.8pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">Total of (A), (B)<BR>
<BR>
and (C)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2015</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$6,879</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$2,914,137</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$880,336</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$3,801,352</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: left; font-family: Times New Roman,serif">2014</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$6,551</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$7,705,180</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$265,425</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; font-family: Times New Roman,serif">$7,977,156</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">All other engagement fees were billed for services in connection with agreed
upon procedures and tax compliance for DIMA and other related entities.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund&#8217;s
Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund&#8217;s Independent Registered Public Accounting
Firm and (ii) all non-audit services to be performed by a Fund&#8217;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&#8217;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&#8217;s Audit
Committee no later than the next Audit Committee meeting.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">According to the registrant&#8217;s principal Independent Registered Public
Accounting Firm, substantially 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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">In connection with the audit of the 2014 and 2015 financial statements,
the Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, 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, for the 2014 audit, an exclusion of punitive
damages.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">***</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 412.95pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 5.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>AUDIT COMMITTEE OF LISTED REGISTRANTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman,serif">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 Paul K. Freeman (Chair), William McClayton (Vice Chair), Henry P. Becton, Jr., Richard J. Herring and John W. Ballantine.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 6.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>SCHEDULE OF INVESTMENTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman,serif">Not applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 7.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROXY VOTING POLICY AND GUIDELINES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">INTRODUCTION</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Deutsche Asset Management (&quot;AM&quot;) 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. This Proxy Voting Policy and Guidelines - AWM (the &quot;Policy&quot;) 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's proxy policies reflect the fiduciary standards and responsibilities for ERISA accounts.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The attached guidelines represent a set of global recommendations that were determined by the Global Proxy Voting Sub-Committee (the &quot;GPVSC&quot;). 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-US 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">AM'S PROXY VOTING RESPONSIBILITIES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proxy votes are the property of AM's advisory clients.<SUP>1</SUP>&nbsp;&nbsp;As such, AM's authority and responsibility to vote such proxies depend upon its contractual relationships with its clients or other delegated authority. AM has delegated responsibility for effecting its advisory clients' proxy votes to Institutional Shareholder Services (&quot;ISS&quot;), an independent third-party proxy voting specialist. ISS votes AM's advisory clients' proxies in accordance with AM's proxy guidelines or AM'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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 9pt Times New Roman,serif; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt"><SUP>1</SUP></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 9pt Times New Roman,serif; padding-top: 0.2in; padding-right: 5.4pt; padding-left: 5.4pt">For purposes of this document, &quot;clients&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">3.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">POLICIES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">3.1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROXY VOTING ACTIVITIES ARE CONDUCTED IN THE BEST ECONOMIC INTEREST OF CLIENTS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">3.2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">THE GLOBAL PROXY VOTING SUB-COMMITTEE</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The Global Proxy Voting Sub-Committee (the &quot;GPVSC&quot;) is an internal working group established by the applicable AM's Investment Risk Oversight Committee pursuant to a written charter. The GPVSC is responsible for overseeing AM's proxy voting activities, including:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">(i)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Adopting, monitoring and updating guidelines, attached as Attachment A (the &quot;Guidelines&quot;), that provide how AM will generally vote proxies pertaining to a comprehensive list of common proxy voting matters;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">(ii)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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's clients; and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">(iii)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Monitoring Proxy Vendor Oversight's proxy voting activities (see below).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM's Proxy Vendor Oversight, a function of AM's Operations Group, is responsible for coordinating with ISS to administer AM'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' proxy responsibilities in this regard.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">3.3</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">AVAILABILITY OF PROXY VOTING POLICY AND GUIDELINES AND PROXY VOTING RECORD</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Copies of this Policy, as it may be updated from time to time, is made available to clients as required by law and otherwise at AM's discretion. Clients may also obtain information on how their proxies were voted by AM as required by law and otherwise at AM's discretion; however, AM must not selectively disclose its investment company clients' proxy voting records. Proxy Vendor Oversight will make proxy voting reports available to advisory clients upon request. The investment companies' proxy voting records will be disclosed to shareholders by means of publicly-available annual filings of each company's proxy voting record for 12-month periods ended June 30 (see Recordkeeping, below), if so required by relevant law.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">4.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROCEDURES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The key aspects of AM's proxy voting process are as follows:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">4.1.</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold; text-align: left; vertical-align: bottom">THE GPVSC'S PROXY VOTING GUIDELINES</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The Guidelines set forth the GPVSC'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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The GPVSC will review the Guidelines as necessary to support the best economic interests of AM'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 an 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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 an 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Funds (&quot;Underlying Funds&quot;) in which Topiary Fund Management Fund of Funds (each, a &quot;Fund&quot;) 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">4.2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">SPECIFIC PROXY VOTING DECISIONS MADE BY THE GPVSC</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Additionally, if 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 Proxy Vendor Oversight.<SUP>2</SUP></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">If 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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's voting determination.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><SUP>2 </SUP></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 9pt Times New Roman,serif; padding-top: 0.2in; padding-right: 5.4pt; padding-left: 5.4pt">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 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">4.3.</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold; vertical-align: bottom">CERTAIN PROXY VOTES MAY NOT BE CAST</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Neither the Guidelines nor specific client instructions cover an issue;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">ISS does not make a recommendation on the issue; or</TD>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The GPVSC cannot convene on the proxy proposal at issue to make a determination as to what would be in the client'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).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">In addition, it is AM'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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">4.4.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CONFLICT OF INTEREST PROCEDURES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">4.4.1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROCEDURES TO ADDRESS CONFLICTS OF INTEREST AND IMPROPER INFLUENCE</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Overriding Principle.</I> 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's clients.<SUP>4</SUP></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Independence of the GPVSC.</I> As a matter of Compliance policy, the GPVSC and 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 (&quot;CIB&quot;). 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 (&quot;PCAM&quot;) 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).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Conflict Review Procedures.</I> There will be a committee (the &quot;Conflicts of Interest Management Sub-Committee&quot;) 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 &quot;material&quot; to the extent that a reasonable person could expect the conflict to influence, or appear to influence, the GPVSC'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 cannot be sufficiently completed by the Conflicts of Interest Management Sub-Committee the proxies will be voted in accordance with the standard guidelines.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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) 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 an 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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 affected 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><SUP>3</SUP></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 9pt Times New Roman,serif; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt">As 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><SUP>4</SUP></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 9pt Times New Roman,serif; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Procedures to be followed by the GPVSC.</I> 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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 an AM advisory client, has: (i) requested that AM, Proxy Vendor Oversight (or any member thereof) or a GPVSC member vote a particular proxy in a certain manner; (ii) attempted to influence AM, 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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's minutes.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Duty to Report.</I> 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 an 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Recusal of Members.</I> 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 affect 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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 Policy 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">4.4.2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">INVESTMENT COMPANIES AND AFFILIATED PUBLIC COMPANIES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Investment Companies.</I> 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., &quot;mirror&quot; or &quot;echo&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Subject to participation agreements with certain Exchange Traded Funds (&quot;ETFs&quot;) issuers that have received exemptive orders from the US Securities and Exchange Commission (&quot;SEC&quot;) allowing investing Deutsche funds to exceed the limits set forth in Section 12(d)(1)(A) and (B) of the Investment Company Act of 1940, AM 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Affiliated Public Companies.</I> 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., &quot;mirror&quot; or &quot;echo&quot; voting).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10.5pt/115% Times New Roman,serif; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt">Note: With respect to the Central Cash Management Fund (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 Central Cash Management Fund, to vote contrary to the positions in the Guidelines, consistent with the Fund's best interest.</TD>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">4.4.3.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">OTHER PROCEDURES THAT LIMIT CONFLICTS OF INTEREST</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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 but not limited to:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Code of Business Conduct and Ethics - DB Group;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Conflicts of Interest Policy - DB Group;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Information Sharing Procedures - DeAM;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Code of Ethics - DeAM; and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Code of Professional Conduct - US.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">5.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">RECORDKEEPING</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">At a minimum, the following types of records must be properly maintained and readily accessible in order to evidence compliance with this Policy.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proxy Vendor Oversight maintains records for each of the proxy ballots it votes. Specifically, the records include, but are not limited to:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 6%; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; vertical-align: bottom">-</TD>
    <TD STYLE="vertical-align: top; width: 86%; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The proxy statement (and any additional solicitation materials) and relevant portions of annual statements.</TD>
    <TD STYLE="padding-bottom: 10pt; width: 1%; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Any additional information considered in the voting process that may be obtained from an issuing company, its agents, or proxy research firms.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Analyst worksheets created for stock option plan and share increase analyses; And</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proxy Edge print-screen of actual vote election.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM will (i) retain this Policy and the Guidelines; (ii) will maintain records of client requests for proxy voting information; and (iii) will retain any documents 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The GPVSC also will create and maintain appropriate records documenting its compliance with this Policy, including records of its deliberations and decisions regarding conflicts of interest and their resolution.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">With respect to AM's investment company clients, ISS will create and maintain records of each company'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 at any shareholder meeting held during the period covered by the report and with respect to which the company was entitled to vote:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The name of the issuer of the portfolio security;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means);</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The Council on Uniform Securities Identification Procedures (&quot;CUSIP&quot;) number for the portfolio security (if the number is available through reasonably practicable means);</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The shareholder meeting date;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A brief identification of the matter voted on;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Whether the matter was proposed by the issuer or by a security holder;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Whether the company cast its vote on the matter;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">How the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of Directors); and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">-</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Whether the company cast its vote for or against Management.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Note: 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 Records Management Policy - US.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">With respect to electronically stored records, &quot;properly maintained&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">6.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">THE GPVSC'S OVERSIGHT ROLE</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10.5pt/115% Times New Roman,serif; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt">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's minutes.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ATTACHMENT A - GLOBAL PROXY VOTING GUIDELINES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">DEUTSCHE ASSET WEALTH MANAGEMENT</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">GLOBAL PROXY VOTING GUIDELINES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">AS AMENDED FEBRUARY 2013</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; line-height: 115%; font-family: Times New Roman,serif">[GRAPHIC OMITTED]</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">TABLE OF CONTENTS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">I.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">BOARD OF DIRECTORS AND EXECUTIVES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Election of Directors</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">B.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Classified Boards of Directors</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">C.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Board and Committee Independence</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">D.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Liability and Indemnification of Directors</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">E.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Qualification of Directors</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">F.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Removal of Directors and Filling of Vacancies</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">G.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proposals to Fix the Size of the Board</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">H.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proposals to Restrict Chief Executive Officer's Service on Multiple Boards</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">I.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proposals to Restrict Supervisory Board Members Service on Multiple Boards (For FFT Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">J.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proposals to Establish Audit Committees (For FFT and US Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">II.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CAPITAL STRUCTURE</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Authorization of Additional Shares (For US Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">B.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Authorization of &quot;Blank Check&quot; Preferred Stock (For US Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">C.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Stock Splits/Reverse Stock Splits</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">D.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Dual Class/Supervoting Stock</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">E.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Large Block Issuance (For US Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">F.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Recapitalization into a Single Class of Stock</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">G.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Share Repurchases</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">H.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Reductions in Par Value</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">III.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CORPORATE GOVERNANCE ISSUES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Confidential Voting</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">B.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Cumulative Voting (For US Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">C.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Supermajority Voting Requirements</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">D.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Shareholder Right to Vote</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">IV.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">COMPENSATION</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Establishment of a Remuneration Committee (For US Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">B.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Executive Director Stock Option Plans</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">C.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Employee Stock Option/Purchase Plans</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">D.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Golden Parachutes</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">E.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proposals to Limit Benefits or Executive Compensation</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">F.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Option Expensing</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">G.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Management Board Election and Motion (For FFT Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">H.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Remuneration (Variable Pay) (For FFT Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">I.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Long-Term Incentive Plans (For FFT Securities)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">J.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Shareholder Proposals Concerning &quot;Pay For Superior Performance&quot;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">K.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Executive Compensation Advisory</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">L.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Advisory Votes on Executive Compensation</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">V.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ANTI-TAKEOVER RELATED ISSUES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Shareholder Rights Plans (&quot;Poison Pills&quot;)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">B.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Reincorporation</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">C.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Fair-Price Proposals</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">D.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Exemption From State Takeover Laws</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">E.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Non-Financial Effects of Takeover Bids</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">VI.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">MERGERS &amp; ACQUISITIONS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">VII.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ENVIRONMENTAL, SOCIAL &amp; GOVERNANCE ISSUES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Principles for Responsible Investment</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">B.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">ESG Issues</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">C.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Labor &amp; Human Rights</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">D.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Diversity &amp; Equality</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">E.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Health &amp; Safety</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">F.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Government/Military</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">G.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Tobacco</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">VIII.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">MISCELLANEOUS ITEMS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Ratification of Auditors</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">B.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Limitation of Non-Audit Services Provided by Independent Auditor</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">C.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Audit Firm Rotation</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">D.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Transaction of Other Business</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">E.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Motions to Adjourn the Meeting</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">F.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Bundled Proposals</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">G.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Change of Company Name</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">H.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proposals Related to the Annual Meeting</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">I.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Reimbursement of Expenses Incurred from Candidate Nomination</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">J.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Investment Company Proxies</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">K.</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">International Proxy Voting</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>NOTE</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">I.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">BOARD OF DIRECTORS AND EXECUTIVES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">A.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ELECTION OF DIRECTORS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Routine:</I> AM Policy is to vote &quot;for&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><I>Proxy contest:</I> 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 (&quot;ISS&quot;) subject to review by the Proxy Voting Sub-Committee (&quot;GPVSC&quot;) as set forth in the AM's Proxy Voting Policy and Guidelines.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: The large majority of corporate Directors fulfill their fiduciary obligation and in most cases support for Management's nominees is warranted. As the issues relevant to a contested election differ in each instance, those cases must be addressed as they arise.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">B.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CLASSIFIED BOARDS OF DIRECTORS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote against proposals to classify the Board and for proposals to repeal classified Boards and elect Directors annually.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">C.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">BOARD AND COMMITTEE INDEPENDENCE</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;For&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;For&quot; proposals that require all members of a company's compensation, audit, nominating, or other similar committees be comprised of independent or unaffiliated Directors.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">3.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;Against&quot; shareholder proposals to require the addition of special interest, or constituency, representatives to Boards of Directors.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">4.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;For&quot; separation of the Chairman and CEO positions.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">5.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;&quot;Against&quot; proposals that require a company to appoint a Chairman who is an independent Director.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">No Director qualifies as &quot;independent&quot; 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).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Whether a Director is in fact not &quot;independent&quot; will depend on the laws and regulations of the primary market for the security and the exchanges, if any, on which the security trades.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">D.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">LIABILITY AND INDEMNIFICATION OF DIRECTORS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; Management proposals to limit Directors' liability and to broaden the indemnification of Directors, unless broader indemnification or limitations on Directors' liability would affect shareholders' interests in pending litigation.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10.5pt/115% Times New Roman,serif; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">E.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">QUALIFICATION OF DIRECTORS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to follow Management's recommended vote on either Management or shareholder proposals that set retirement ages for Directors or require specific levels of stock ownership by Directors.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10.5pt/115% Times New Roman,serif; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt"><U>Rationale</U>: As a general rule, the Board of Directors, and not the shareholders, is most qualified to establish qualification policies.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">F.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">&nbsp;REMOVAL OF DIRECTORS AND FILLING OF VACANCIES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">G.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROPOSALS TO FIX THE SIZE OF THE BOARD</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;For&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;Against&quot; proposals allowing Management to fix the size of the Board without shareholder approval.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Absent danger of anti-takeover use, companies should be granted a reasonable amount of flexibility in fixing the size of its Board.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">H.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROPOSALS TO RESTRICT CHIEF EXECUTIVE OFFICER'S SERVICE ON MULTIPLE BOARDS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; proposals to restrict a Chief Executive Officer from serving on more than three outside Boards of Directors.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Chief Executive Officer must have sufficient time to ensure that shareholders' interests are represented adequately.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Note</U>: A Director'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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">I.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROPOSALS TO RESTRICT SUPERVISORY BOARD MEMBERS SERVICE ON MULTIPLE BOARDS (FOR FFT SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; proposals to restrict a Supervisory Board Member from serving on more than five Supervisory Boards.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Supervisory Board Members must have sufficient time to ensure that shareholders' interests are represented adequately.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Note</U>: A Director'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</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">J.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROPOSALS TO ESTABLISH AUDIT COMMITTEES (FOR FFT AND US SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; proposals that require the establishment of audit committees.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">II.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CAPITAL STRUCTURE</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">A.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">AUTHORIZATION OF ADDITIONAL SHARES (FOR US SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; 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 US dollars).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">B.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">AUTHORIZATION OF &quot;BLANK CHECK&quot; PREFERRED STOCK (FOR US SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;Against&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;For&quot; proposals mandating shareholder approval of blank check stock placement.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">C.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">STOCK SPLITS/REVERSE STOCK SPLITS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; stock splits if a legitimate business purpose is set forth and the split is in the shareholders' best interests. A vote is cast &quot;for&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Generally, stock splits do not detrimentally affect shareholders. Reverse stock splits, however, may have the same result as an increase in authorized shares and should be analyzed accordingly.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; line-height: 115%; font-family: Times New Roman,serif"><B>D. </B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; line-height: 115%; font-family: Times New Roman,serif"><B>DUAL CLASS/SUPERVOTING STOCK</B></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; proposals to create or authorize additional shares of super-voting stock or stock with unequal voting rights.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: The &quot;one share, one vote&quot; principal ensures that no shareholder maintains a voting interest exceeding their equity interest in the company.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; line-height: 115%; font-family: Times New Roman,serif"><B>E. </B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; line-height: 115%; font-family: Times New Roman,serif"><B>LARGE BLOCK ISSUANCE (FOR US SECURITIES)</B></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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's Proxy Voting Policy and Guidelines.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Additionally, AM supports proposals requiring shareholder approval of large block issuances.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Stock issuances must be reviewed in light of the business circumstances leading to the request and the potential impact on shareholder value.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; line-height: 115%; font-family: Times New Roman,serif"><B>F. </B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; line-height: 115%; font-family: Times New Roman,serif"><B>RECAPITALIZATION INTO A SINGLE CLASS OF STOCK</B></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; recapitalization plans to provide for a single class of common stock, provided the terms are fair, with no class of stock being unduly disadvantaged</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Consolidation of multiple classes of stock is a business decision that may be left to the Board and/or Management if there is no adverse effect on shareholders.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">G.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">SHARE REPURCHASES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; share repurchase plans provided all shareholders are able to participate on equal terms.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Buybacks are generally considered beneficial to shareholders because they tend to increase returns to the remaining shareholders.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">H.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">REDUCTIONS IN PAR VALUE</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; proposals to reduce par value, provided a legitimate business purpose is stated (e.g., the reduction of corporate tax responsibility).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Usually, adjustments to par value are a routine financial decision with no substantial impact on shareholders.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">III.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CORPORATE GOVERNANCE ISSUES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">A.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CONFIDENTIAL VOTING</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="height: 20.25pt">
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; height: 20.25pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; proposals to provide for confidential voting and independent tabulation of voting results and to vote &quot;against&quot; proposals to repeal such provisions.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">B.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CUMULATIVE VOTING (FOR US SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; shareholder proposals requesting cumulative voting and &quot;for&quot; 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 &quot;against&quot; cumulative voting and &quot;for&quot; proposals to eliminate it if:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The company has a five year return on investment greater than the relevant industry index,</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">All Directors and executive officers as a group beneficially own less than 10% of the outstanding stock, and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">No shareholder (or voting block) beneficially owns 15% or more of the company. Thus, failure of any one of the three criteria results in a vote for cumulative voting in accordance with the general policy.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">C.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">SUPERMAJORITY VOTING REQUIREMENTS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; Management proposals to require a supermajority vote to amend the charter or by-laws and to vote &quot;for&quot; shareholder proposals to modify or rescind existing supermajority requirements.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">*</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Exception made when company holds a controlling position and seeks to lower threshold to maintain control and/or make changes to corporate by-laws.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">D.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">SHAREHOLDER RIGHT TO VOTE</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; proposals that restrict the right of shareholders to call special meetings, amend the bylaws, or act by written consent. AM Policy is to vote &quot;for&quot; proposals that remove such restrictions.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Any reasonable means whereby shareholders can make their views known to Management or affect the governance process should be supported.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">IV.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">COMPENSATION</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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'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's criteria regarding stock option plans, or similar stock-based incentive compensation schemes, as set forth below.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">A.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ESTABLISHMENT OF A REMUNERATION COMMITTEE (FOR US SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; proposals that require the establishment of a remuneration committee.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">B.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">EXECUTIVE AND DIRECTOR STOCK OPTION PLANS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; stock option plans that meet the following criteria:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The resulting dilution of existing shares is less than (a) 15% of outstanding shares for large capital corporations; or (b) 20% of outstanding shares for small-mid capital companies (companies having a market capitalization under one billion US dollars).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The plan does not grant options on super-voting stock.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM will support proposals to eliminate the payment of outside Director pensions.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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 fair market value (&quot;FMV&quot;) 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">C.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">EMPLOYEE STOCK OPTION/PURCHASE PLANS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote for employee stock purchase plans (&quot;ESPPs&quot;) when the plan complies with Internal Revenue Code Section 423, allowing non-Management employees to purchase stock at 85% of FMV.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; employee stock option plans (&quot;ESOPs&quot;) 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: ESOPs and ESPPs 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">D.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">GOLDEN PARACHUTES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; proposals to require shareholder approval of golden parachutes and for proposals that would limit golden parachutes to no more than three times base compensation. AM Policy is to vote &quot;against&quot; more restrictive shareholder proposals to limit golden parachutes.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">E.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROPOSALS TO LIMIT BENEFITS OR EXECUTIVE COMPENSATION</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proposals to limit benefits, pensions or compensation and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Proposals that request or require disclosure of executive compensation greater than the disclosure required by Securities and Exchange Commission (SEC) regulations.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">F.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">OPTION EXPENSING</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to support proposals requesting companies to expense stock options.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Although companies can choose to expense options voluntarily, the Financial Accounting Standards Board (&quot;FASB&quot;) 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 &quot;no cost&quot; 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">G.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">MANAGEMENT BOARD ELECTION AND MOTION (FOR FFT SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot;:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The election of Board members with positions on either remuneration or audit committees;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The election of Supervisory Board members with too many Supervisory Board mandates; and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">&quot;Automatic&quot; election of former Board members into the Supervisory Board.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Sufficient information should be disclosed in the annual company report and account to allow shareholders to judge the success of the company.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">H.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">REMUNERATION (VARIABLE PAY) (FOR FFT SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">EXECUTIVE REMUNERATION FOR MANAGEMENT BOARD</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; remuneration for Management Board that is transparent and linked to results.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Shareholder interests are normally best served when Management is remunerated to optimize long-term returns. Criteria should include suitable measurements like return on capital employed or economic value added.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Interests should generally also be correctly aligned when Management own shares in the company - even more so if these shares represent a substantial portion of their own wealth.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; font-weight: bold; line-height: 115%; font-family: Times New Roman,serif"><B>EXECUTIVE REMUNERATION FOR SUPERVISORY BOARD</B></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; remuneration for Supervisory Board that is at least 50% in fixed form.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">I.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">LONG-TERM INCENTIVE PLANS (FOR FFT SECURITIES)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; long-term incentive plans for members of Management Boards that reward for above average company performance.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Incentive plans will normally be supported if they:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Directly align the interests of members of Management Boards with those of shareholders;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Establish challenging performance criteria to reward only above average performance;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Measure performance by total shareholder return in relation to the market or a range of comparable companies;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Are long-term in nature and encourage long-term ownership of the shares once exercised through minimum holding periods; and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Do not allow a repricing of the exercise price in stock option plans.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">J.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">SHAREHOLDER PROPOSALS CONCERNING &quot;PAY FOR SUPERIOR PERFORMANCE&quot;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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's Proxy Policy and Guidelines.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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's applying this calculation and will vote according to their recommendation.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">K.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">EXECUTIVE COMPENSATION ADVISORY</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to follow Management's recommended vote on shareholder proposals to propose an advisory resolution seeking to ratify the compensation of the company's named executive officers (NEOs) on an annual basis.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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's compensation.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">L.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ADVISORY VOTES ON EXECUTIVE COMPENSATION</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to evaluate Executive Compensation proposals on a case-by-case basis, where locally defined this may be done by incorporating the recommendation of an independent third party proxy research firm. AM will oppose Advisory Votes on Executive Compensation if:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">There is a significant misalignment between CEO pay and company performance;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The company maintains significant problematic pay practices; and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The Board exhibits a significant level of poor communication and responsiveness to shareholders.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: AM believes that annual advisory vote gives shareholders the opportunity to express any compensation concerns to the Executive Compensation proposal which is an advisory voting.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">V.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ANTI-TAKEOVER RELATED ISSUES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">A.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">SHAREHOLDER RIGHTS PLANS (&quot;POISON PILLS&quot;)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; proposals to require shareholder ratification of poison pills or that request Boards to redeem poison pills, and to vote &quot;against&quot; the adoption of poison pills if they are submitted for shareholder ratification.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">B.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">REINCORPORATION</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to examine reincorporation proposals on a case-by-case basis. The voting decision is based on:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Differences in state law between the existing state of incorporation and the proposed state of incorporation; and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Differences between the existing and the proposed charter/bylaws/articles of incorporation and their effect on shareholder rights.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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's interests and a vote cast &quot;against.&quot;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">C.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">FAIR-PRICE PROPOSALS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; Management fair-price proposals, provided that:</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The proposal applies only to two-tier offers;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The proposal sets an objective fair-price test based on the highest price that the acquirer has paid for a company's shares;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The supermajority requirement for bids that fail the fair-price test is no higher than two-thirds of the outstanding shares; and</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">The proposal contains no other anti-takeover provisions or provisions that restrict shareholders rights.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">A vote is cast for shareholder proposals that would modify or repeal existing fair-price requirements that do not meet these standards.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">D.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">EXEMPTION FROM STATE TAKEOVER LAWS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; shareholder proposals to opt out of state takeover laws and to vote &quot;against&quot; Management proposals requesting to opt out of state takeover laws.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">E.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">NON-FINANCIAL EFFECTS OF TAKEOVER BIDS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Policy is to vote &quot;against&quot; shareholder proposals to require consideration of non-financial effects of merger or acquisition proposals.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Non-financial effects may often be subjective and are secondary to AM's stated purpose of acting in its client's best economic interest.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">VI.</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold; vertical-align: bottom">MERGERS &amp; ACQUISITIONS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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's policies and procedures.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">VII.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ENVIRONMENTAL, SOCIAL AND GOVERNANCE ISSUES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Environmental, social and governance issues (ESG) are becoming increasingly important to corporate success. We incorporate ESG considerations into both our investment decisions and our proxy voting decisions - particularly if the financial performance of the company could be impacted. Companies or states that seriously contravene internationally accepted ethical principles will be subject to heightened scrutiny.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">A.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PRINCIPLES FOR RESPONSIBLE INVESTMENT</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to actively engage with companies on ESG issues and participate in ESG initiatives. In this context, AM (a) votes &quot;for&quot; increased disclosure on ESG issues; (b) is willing to participate in the development of policy, regulation and standard setting (such as promoting and protecting shareholder rights); (c) could support shareholder initiatives and also file shareholder resolutions with long term ESG considerations and improved ESG disclosure, when applicable; (d) could support standardized ESG reporting and issues to be integrated within annual financial reports; and (e) on a case by case basis, will generally follow Management's recommended vote on other matters related to ESG issues.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: ESG issues can affect the performance of investment portfolios (to varying degrees across companies, sectors, regions, asset classes and through time).</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">B.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">ESG ISSUES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote in line with the CERES recommendation on Environmental matters covered under the CERES Principles and Social and Sustainability issues not specifically addressed elsewhere in the Guidelines. AM will rely on ISS to identify shareholder proposals addressing CERES Principles and proxies will be voted in accordance with ISS's predetermined voting guidelines on CERES Principles.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Any matter that is to be voted on, consented to or approved by the voting members, may take place in person, telephonically or via other electronic means. In addition, voting members may act in writing, including without limitation, via e-mail.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: AM supports the CERES Principles and as such generally votes proxies in line with the CERES recommendation.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">C.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">LABOR &amp; HUMAN RIGHTS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; adopting global codes of conduct or workplace standards exceeding those mandated by law.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Additional requirements beyond those mandated by law are deemed unnecessary and potentially burdensome to companies</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">D.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">DIVERSITY &amp; EQUALITY</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; shareholder proposals to force equal employment opportunity, affirmative action or Board diversity.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Compliance with State and Federal legislation along with information made available through filings with the Equal Employment Opportunity Commission (&quot;EEOC&quot;) provides sufficient assurance that companies act responsibly and make information public.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is also to vote &quot;against&quot; proposals to adopt the MacBride Principles. The MacBride Principles promote fair employment, specifically regarding religious discrimination.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Compliance with the Fair Employment Act of 1989 makes adoption of the MacBride Principles redundant. Their adoption could potentially lead to charges of reverse discrimination.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">E.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">HEALTH &amp; SAFETY</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; adopting a pharmaceutical price restraint policy or reporting pricing policy changes.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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's competitive position in the marketplace.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; shareholder proposals to control the use or labelling of and reporting on genetically engineered products.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Additional requirements beyond those mandated by law are deemed unnecessary and potentially burdensome to companies.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">F.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">GOVERNMENT/MILITARY</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; shareholder proposals regarding political contributions and donations.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: The Board of Directors and Management, not shareholders, should evaluate and determine the recipients of any contributions made by the company.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">3.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; shareholder proposals regarding charitable contributions and donations.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: The Board of Directors and Management, not shareholders, should evaluate and determine the recipients of any contributions made by the company.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">G.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">TOBACCO</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">1.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; shareholder proposals requesting additional standards or reporting requirements for tobacco companies as well as &quot;against&quot; requesting companies to report on the intentional manipulation of nicotine content.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Where a tobacco company's actions meet the requirements of legal and industry standards, imposing additional burdens may detrimentally affect a company's ability to compete. The disclosure of nicotine content information could affect the company's rights in any pending or future litigation.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">2.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Shareholder requests to spin-off or restructure tobacco businesses will be opposed.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: These decisions are more appropriately left to the Board and Management, and not to shareholder mandate.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">VIII.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">MISCELLANEOUS ITEMS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">A.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">RATIFICATION OF AUDITORS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;for&quot; (a) the Management recommended selection of auditors and (b) proposals to require shareholder approval of auditors.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Absent evidence that auditors have not performed their duties adequately, support for Management's nomination is warranted.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">B.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">LIMITATION OF NON-AUDIT SERVICES PROVIDED BY INDEPENDENT AUDITOR</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">C.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">AUDIT FIRM ROTATION</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote against proposals seeking audit firm rotation.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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 be costly and disruptive.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">D.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">TRANSACTION OF OTHER BUSINESS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote &quot;against&quot; transaction of other business proposals.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">E.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">MOTIONS TO ADJOURN THE MEETING</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM Policy is to vote &quot;against&quot; proposals to adjourn the meeting.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">F.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">BUNDLED PROPOSALS</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="height: 37.4pt">
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; height: 37.4pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to vote against bundled proposals if any bundled issue would require a vote against it if proposed individually.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Shareholders should not be forced to &quot;take the good with the bad&quot; in cases where the proposals could reasonably have been submitted separately.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">G.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">CHANGE OF COMPANY NAME</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to support Management on proposals to change the company name.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: This is generally considered a business decision for a company.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">H.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">PROPOSALS RELATED TO THE ANNUAL MEETING</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM Policy is to vote &quot;for&quot; Management for proposals related to the conduct of the annual meeting (meeting time, place, etc.)</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: These are considered routine administrative proposals.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">I.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">REIMBURSEMENT OF EXPENSES INCURRED FROM CANDIDATE NOMINATION</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">AM policy is to follow Management'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's Board of Directors.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Rationale</U>: Corporations should not be liable for costs associated with shareholder proposals for Directors.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">J.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">INVESTMENT COMPANY PROXIES</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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 &quot;for&quot; staggered Boards of closed-end investment companies, although AM generally votes &quot;against&quot; staggered Boards for operating companies. Further, the manner in which AM votes investment company proxies may differ from proposals for which an 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">Subject to participation agreements with certain Exchange Traded Funds (&quot;ETF&quot;) issuers that have received exemptive orders from the US Securities and Exchange Commission allowing investing Deutsche 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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif"><U>Note</U>: With respect to the Central Cash Management Fund (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 Central Cash Management Fund, to vote contrary to the positions in the Guidelines, consistent with the Fund's best interest.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">K.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif; font-weight: bold">INTERNATIONAL PROXY VOTING</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-top: 0.2in; padding-right: 5.75pt; padding-left: 5.75pt; line-height: 115%; font-family: Times New Roman,serif">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.</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 412.95pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 8.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Portfolio Manager Disclosure</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The Fund is managed by a Team of investment professionals who collaborate
to develop and implement the Fund&#8217;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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following individuals handle the day-to-day management of the Fund.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Ashton P. Goodfield, CFA, Managing<B> </B>Director of Deutsche Asset &amp;
Wealth Management and Co-Lead Portfolio Manager of the Fund.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font-size: 10pt">Joined Deutsche Asset &amp; Wealth Management in 1986 and the Fund in 2014.</LI>

<LI STYLE="margin: 0; font-size: 10pt">Co-Head of Municipal Bonds.</LI>

<LI STYLE="margin: 0; font-size: 10pt">BA, Duke University.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Michael J. Generazo, Director of Deutsche Asset &amp; Wealth Management
and Co-Lead Portfolio Manager of the Fund.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font-size: 10pt">Joined Deutsche Asset &amp; Wealth Management in 1999 and the Fund in 2010.</LI>

<LI STYLE="margin: 0; font-size: 10pt">BS, Bryant College; MBA, Suffolk</LI>

</UL>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Rebecca L. Flinn, Director of Deutsche Asset &amp; Wealth Management and
Portfolio Manager of the Fund.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font-size: 10pt">Joined Deutsche Asset &amp; Wealth Management in 1986 and the Fund in 2014.</LI>

<LI STYLE="margin: 0; font-size: 10pt">BA, University of Redlands, California.</LI>

</UL>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 12pt 0 3pt">Compensation of Portfolio Managers</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Portfolio managers are paid on a Total Compensation basis, which includes:
(i) fixed pay (base salary), which is linked to job function, responsibilities and internal and external peer comparison, and (ii)
variable compensation, which is linked to investment performance, individual contribution, and the overall financial results of
both Deutsche Asset &amp; Wealth Management and Deutsche Bank AG. Variable compensation can be delivered via a short-term and/or
long-term vehicle, namely cash, equity upfront awards, restricted equity awards, and/or restricted incentive awards. Additionally,
to better align the interests of investors and portfolio managers, a portion of the long term variable compensation that portfolio
managers receive will be designated for investments in shares of the funds they manage, where possible. Variable compensation comprises
a greater proportion of total compensation as the portfolio manager&#8217;s seniority and total compensation level increase. The
proportion of variable compensation delivered via a long-term incentive award, which is subject to clawback, increases significantly
as the amount of variable compensation increases. All variable compensation delivered via a long-term incentive award is subject
to clawback.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">To evaluate its investment professionals, Deutsche Asset &amp; Wealth Management
reviews investment performance for all accounts managed in relation to both account peer group and benchmark related data (i.e.,
appropriate Morningstar peer group universes and/or benchmark index(es) with respect to each account). The ultimate goal of this
process is to evaluate the degree to which investment professionals deliver investment performance that meets or exceeds their
clients&#8217; risk and return objectives. When determining Total Compensation, Deutsche Asset &amp; Wealth Management considers
a number of quantitative and qualitative factors:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Quantitative measures (e.g. one-, three- and five-year pre-tax
returns versus the benchmark and appropriate peer group, taking risk targets into account) are utilized to measure performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Qualitative measures (e.g. adherence to, as well as contributions
to, the enhancement of the investment process) are included in the performance review. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Other factors (e.g. non-investment related performance, teamwork,
adherence to compliance rules, risk management and &quot;living the values&quot; of Deutsche Asset &amp; Wealth Management) are
included as part of a discretionary component of the review process, giving management the ability to consider additional markers
of performance on a subjective basis. </FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 12pt 0 3pt">Fund Ownership of Portfolio Managers</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">The following table shows the dollar range of Fund shares owned beneficially
and of record by each member of the Fund&#8217;s portfolio management team as well as in all US registered Deutsche Funds advised
by Deutsche Investment Management Americas Inc.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">(DIMA) as a group, 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&#8217;s most recent fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 661px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 30.35pt">
    <TD STYLE="vertical-align: bottom; width: 174.8pt; border: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 30.35pt; line-height: 11.55pt; font-family: Times,serif; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">Name of<U> </U></FONT><BR>
<FONT STYLE="font-family: Times New Roman,serif">Portfolio Manager</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 162.75pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 30.35pt; text-align: left">
        <P STYLE="font: bold 10pt/normal Times New Roman,serif; margin: 0; text-align: left">Dollar Range of</P>
        <P STYLE="font: bold 10pt/normal Times New Roman,serif; margin: 0; text-align: left">Fund Shares Owned</P></TD>
    <TD STYLE="vertical-align: top; width: 158.25pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 30.35pt; line-height: 11.55pt; font-family: Times,serif; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman,serif">Dollar Range of All Deutsche Fund Shares Owned</FONT></TD></TR>
<TR STYLE="height: 16.85pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; line-height: 11.45pt; font-family: Times,serif">Ashton P. Goodfield</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; text-align: center; font-family: Times,serif"><FONT STYLE="font-family: Times New Roman,serif">$10,001-$50,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; text-align: center; font-family: Times,serif"><FONT STYLE="font-family: Times New Roman,serif">$500,001 - $1,000,000</FONT></TD></TR>
<TR STYLE="height: 16.85pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; line-height: 11.45pt; font-family: Times,serif">Michael J. Generazo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; text-align: center; font-family: Times,serif"><FONT STYLE="font-family: Times New Roman,serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; text-align: center; font-family: Times,serif"><FONT STYLE="font-family: Times New Roman,serif">$50,001-$100,000</FONT></TD></TR>
<TR STYLE="height: 16.85pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; line-height: 11.45pt; font-family: Times,serif">Rebecca L. Flinn</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; text-align: center; font-family: Times,serif"><FONT STYLE="font-family: Times New Roman,serif">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; height: 16.85pt; text-align: center; font-family: Times,serif"><FONT STYLE="font-family: Times New Roman,serif">$100,001-$500,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 12pt 0 3pt">Conflicts of Interest</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">In addition to managing the assets of the Fund, the Fund&#8217;s portfolio
managers may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below show, for
each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the
Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed
for individuals or organizations) managed by each portfolio manager. Total assets attributed to each portfolio manager in the tables
below include total assets of each account managed by them, although the manager may only manage a portion of such account&#8217;s
assets. For Funds subadvised by subadvisors unaffiliated with DIMA, total assets of Funds managed may only include assets allocated
to the portfolio manager and not the total assets of each Fund managed. 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&#8217;s most recent fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other SEC Registered Investment Companies Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; width: 637px; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.7in; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 97.15pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 76.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 97.15pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Number of Registered Investment Companies </B></FONT></TD>
    <TD STYLE="width: 103.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 97.15pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Assets of Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 85.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 97.15pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Number of Investment Company Accounts with Performance Based Fee</B></FONT></TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; height: 97.15pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Ashton P. Goodfield</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$10,924,041,851</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Michael J. Generazo</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$6,210,659,243</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Rebecca L. Flinn</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$2,448,829,101</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other Pooled Investment Vehicles Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 637px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.7in; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 76.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Number of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 103.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Assets of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 85.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>&nbsp;Number of Pooled Investment Vehicle Accounts with Performance-Based Fee </B></FONT></TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Ashton P. Goodfield</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Michael J. Generazo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Rebecca L. Flinn</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Other Accounts Managed:</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 637px; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1.7in; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 76.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 103.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Assets of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 85.5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Number of Other Accounts with Performance- Based Fee </B></FONT></TD>
    <TD STYLE="width: 1.25in; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Ashton P. Goodfield</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$612,818,509</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Michael J. Generazo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">$154,605,274</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 11.45pt; font-family: Times,serif">Rebecca L. Flinn</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">In addition to the accounts above, an investment professional may manage
accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds. The Advisor
has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions
on the ability of portfolio managers and other &#8220;access persons&#8221; to invest in securities that may be recommended or
traded in the Funds and other client accounts.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">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:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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&#8217;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></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">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></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">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
(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&#8217;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></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0">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 &#8220;Firm&#8221;) 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&#8217; 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&#8217;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&#8217;s Board.</P>

<P STYLE="font: 10pt Times,serif; margin: 10.45pt 0 0 0.25in; text-align: left">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 412.95pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 9.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 632px; margin-left: 4.7pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 147.1pt; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 73.95pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(a)</FONT></TD>
    <TD NOWRAP STYLE="width: 73.95pt; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 95pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(c)</FONT></TD>
    <TD NOWRAP STYLE="width: 84.1pt; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Period</P></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares Purchased</P></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Average Price Paid</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">per Share</P></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares Purchased as</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Part of Publicly Announced</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Plans or Programs</P></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Maximum Number of</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Shares that May Yet Be</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Purchased Under the</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Plans or Programs</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">February 1 through February 28</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">July 1 through July 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">August 1 through August 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">September 1 through September 30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">October 1 through October 31</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">November 1 through November 30</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Total </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">The Fund may from time to time repurchase shares in the open market.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Calibri,sans-serif; margin: 0 0 10pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 10.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman,serif">There were no material changes to the procedures by which shareholders may recommend nominees to the Fund&#8217;s Board. 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 Kenneth C. Froewiss, Independent Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 11.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-weight: bold; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77.35pt; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 36.05pt; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(a)</FONT></TD>
    <TD STYLE="width: 376.9pt; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman,serif">The Chief Executive and Financial Officers concluded that the Registrant&#8217;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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(b) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt"><FONT STYLE="font-family: Times New Roman,serif">There have been no changes in the registrant&#8217;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&#8217;s internal controls over financial reporting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman,serif"><B>ITEM 12.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-weight: bold; text-indent: -30.6pt"><FONT STYLE="font-family: Times New Roman,serif"><B>EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-weight: bold; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(a)(1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman,serif">Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(a)(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-family: Times New Roman,serif">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman,serif">(b)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 4.2pt"><FONT STYLE="font-family: Times New Roman,serif">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></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Registrant:</FONT></TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Deutsche Municipal Income Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">January 29, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">January 29, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">January 29, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<html>
<head>
    <title>codeofethics.htm</title>
    <!--Licensed to: DEUTSCHE ASSET MANAGEMENT-->
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<div style="LINE-HEIGHT: 27.35pt; TEXT-INDENT: 0pt; DISPLAY: block"><font style="font: 24pt Times New Roman"><b>Deutsche Asset
&amp; Wealth Management</b></font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 24pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-SIZE: 18pt">Principal Executive and Principal Financial Officer Code of Ethics</font></font></div>

<div><br>
</div>

<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">For the Registered Management Investment Companies Listed on Appendix A</font></div>

<div><br>
</div>

<div style="text-align: center"><img src="worldlogo.jpg" alt=""><br>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Effective Date</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[January 31, 2005]</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Revised Appendix A</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">[December 6, 2013]</font></div>

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<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Page Number</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">I.</font></a></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Overview</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">3</a></font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
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<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">II.</font></a></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Purposes of the Officer Code</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">3</a></font></div>
</td>
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</div>

<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 13.7pt;">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">III.</font></a></font></div>
</td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Responsibilities of Covered Officers</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">4</a></font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">A.</font></a></font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Honest and Ethical Conduct</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">4</a></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">B.</font></a></font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Conflicts of Interest</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">4</a></font></div>
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<tr valign="top" style="LINE-HEIGHT: 13.7pt;">
<td style="WIDTH: 27pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">C.</font></a></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Use of Personal Fund Shareholder Information</font></a>&#160;</font></div>
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<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">6</a></font></div>
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<tr valign="top" style="LINE-HEIGHT: 13.7pt;">
<td style="WIDTH: 27pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">D.</font></a></font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Public Communications</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">6</a></font></div>
</td>
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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 13.7pt;">
<td style="WIDTH: 27pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">E.</font></a></font></div>
</td>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Compliance with Applicable Laws, Rules and Regulations</font></a>&#160;</font></div>
</td>
<td style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#">7</a></font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 13.7pt;">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">IV.</font></a></font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a href="#"><!--EFPlaceholder--><font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">D.</font></a></font></div>
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<td width="72%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><a href="#"><!--efplaceholder--><font style="DISPLAY: inline; TEXT-DECORATION: underline">Appendix A:&#160;&#160;List of Officers Covered under the Code, by Board</font></a>&#160;</font></td>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Principal Executive Officer and Principal Financial Officer Code of Ethics (&#8220;Officer Code&#8221;) 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 (&#8220;Funds&#8221;) they serve (&#8220;Covered Officers&#8221;).&#160;&#160;A list of Covered Officers and Funds is included on Appendix A.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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&#8217;s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Deutsche Asset &amp; Wealth Management or its affiliates (&#8220;DeAWM&#8221;) serves as the investment adviser to each Fund.&#160;&#160;All Covered Officers are also employees of DeAWM or an affiliate.&#160;&#160;Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAWM policies and procedures, such as the DeAWM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">1</a></font>&#160;&#160;In addition, such individuals also must comply with other applicable Fund policies and procedures.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund&#8217;s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code.&#160;&#160;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 DeAWM Compliance Officer.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer and his or her contact information can be found in Appendix A.</font></div>

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<div><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font> 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.&#160;&#160;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.&#160;&#160;Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.</div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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&#8217;s responsibilities;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">promote compliance with applicable laws, rules and regulations;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">encourage the prompt internal reporting of violations of the Officer Code to the DeAWM Compliance Officer; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">establish accountability for adherence to the Officer Code.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">III.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Responsibilities of Covered Officers</font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Honest and Ethical Conduct</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve.&#160;&#160;&#160;Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAWM policy or Fund policy.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s).&#160;&#160;Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;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></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Conflicts of Interest</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A &#8220;conflict of interest&#8221; occurs when a Covered Officer&#8217;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.&#160;&#160;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&#8217;s expense or to the Fund&#8217;s detriment.&#160;&#160;Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund&#8217;s expense or to the Fund&#8217;s detriment.&#160;&#160;Some examples of conflicts of interest follow (this is not an all-inclusive list):&#160;&#160;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 DeAWM or its affiliates.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;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 &#8220;affiliated persons&#8221; of the Fund.&#160;&#160;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></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAWM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAWM&#8217;s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAWM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAWM and the Fund.&#160;&#160;The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAWM, 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></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer&#8217;s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes.&#160;&#160;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 DeAWM Compliance Officer.&#160;&#160;If a Covered Officer, in lieu of reporting such a matter to the DeAWM Compliance Officer, may report the matter directly to the Fund&#8217;s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAWM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAWM Compliance Officer).</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAWM personnel aware of the matter should promptly contact the DeAWM Compliance Officer.&#160;&#160;There will be no reprisal or retaliation against the person reporting the matter.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon receipt of a report of a possible conflict, the DeAWM Compliance Officer will take steps to determine whether a conflict exists.&#160;&#160;In so doing, the DeAWM 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.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">2</a></font>&#160;&#160;The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s Board (or committee thereof).&#160;&#160;Otherwise, such costs will be borne by DeAWM or other appropriate Fund service provider.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After full review of a report of a possible conflict of interest, the DeAWM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists.&#160;&#160;If, however, the DeAWM 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&#8217;s Board (or committee thereof).&#160;&#160;If the DeAWM Compliance Officer determines that the appearance of a conflict exists, the DeAWM Compliance Officer will take appropriate steps to remedy such appearance.&#160;&#160;In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAWM Compliance Officer instead may refer the matter to the Fund&#8217;s Board (or committee thereof), as appropriate.&#160;&#160;However, the DeAWM Compliance Officer must refer the matter to the Fund&#8217;s Board (or committee thereof) if the DeAWM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After responding to a report of a possible conflict of interest, the DeAWM 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></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Solely because a conflict is disclosed to the DeAWM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAWM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code&#8217;s requirements.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 DeAWM Compliance Officer.</font></div>

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<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> &#160;For example, retaining a Fund&#8217;s independent accounting firm may require pre-approval by the Fund&#8217;s audit committee.</div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Use of Personal Fund Shareholder Information</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;Each Covered Officer also must abide by the Funds&#8217; and DeAWM&#8217;s privacy policies under SEC Regulation S-P.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Public Communications</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with his or her responsibilities for or involvement with a Fund&#8217;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 DeAWM organization or otherwise) and to the Fund&#8217;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></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.&#160;&#160;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.&#160;&#160;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.&#160;&#160;Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAWM&#8217;s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">To the extent that Covered Officers participate in the creation of a Fund&#8217;s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.</font></div>

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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">E.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Compliance with Applicable Laws, Rules and Regulations</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 (&#8220;Applicable Laws&#8221;). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 DeAWM Compliance Officer.</font></div>

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</div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">IV.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Violation Reporting</font></div>
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<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">A.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Overview</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Each Covered Officer must promptly report to the DeAWM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code.&#160;&#160;Failure to report a violation may be a violation of the Officer Code.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Examples of violations of the Officer Code include, but are not limited to, the following:</font></div>

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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unethical or dishonest behavior</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 131px">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 131px">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Failure to report violations of the Officer Code</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 131px">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Known or obvious deviations from Applicable Laws</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 131px">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Failure to acknowledge and certify adherence to the Officer Code</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM 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&#8217;s Board, the independent Board members, a Board committee, the Fund&#8217;s legal counsel and/or counsel to the independent Board members.&#160;&#160;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.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">3</a></font> The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund&#8217;s Board (or committee thereof).&#160;&#160;Otherwise, such costs will be borne by DeAWM.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div>
<hr style="COLOR: black" align="left" noshade size="1" width="10%">
</div>

<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">3</font> For example, retaining a Fund&#8217;s independent accounting firm may require pre-approval by the Fund&#8217;s audit committee.</font></div>

<div style="LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

<div style="LINE-HEIGHT: 9.1pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">B.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">How to Report</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any known or suspected violations of the Officer Code must be promptly reported to the DeAWM Compliance Officer.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">C.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Process for Violation Reporting to the Fund Board</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will promptly report any violations of the Code to the Fund&#8217;s Board (or committee thereof).</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">D.</font><font  style="LETTER-SPACING: 9pt; COLOR: black">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Sanctions for Code Violations</font></div>

<div style="TEXT-INDENT: 72pt; MARGIN-LEFT: 72pt">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 81pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Violations of the Code will be taken seriously.&#160;&#160;In response to reported or otherwise known violations, DeAWM and the relevant Fund&#8217;s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue.&#160;&#160;Sanctions imposed by DeAWM could include termination of employment.&#160;&#160;Sanctions imposed by a Fund&#8217;s Board could include termination of association with the Fund.</font></div>

<div>&#160;</div>

<div><a name="ref.ID0ELH"><!--EFPlaceholder--></a>&#160;</div>
</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 96px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">V.&#160;&#160;</font></div>
</td>
<td width="1149">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Waivers from the Officer Code</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAWM Compliance Officer.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">4</a></font>&#160;&#160;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 DeAWM Compliance Officer will present this information to the Fund&#8217;s Board (or committee thereof).&#160;&#160;The Board (or committee) will determine whether to grant the requested waiver.&#160;&#160;If the Board (or committee) grants the requested waiver, the DeAWM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund&#8217;s Board (or committee thereof) regarding such activities, as appropriate.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block">
<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div>
<hr style="COLOR: black" align="left" noshade size="1" width="10%">
</div>

<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">4</font> Of course, it is not a waiver of the Officer Code if the Fund&#8217;s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code&#8217;s requirements or is otherwise not covered by the Code.</font><br>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">VI.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Amendments to the Code</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund&#8217;s Board (or committee thereof) on a timely basis.&#160;&#160;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></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">VII.&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Acknowledgement and Certification of Adherence to the Officer Code</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>
&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer&#8217;s obligation.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM Compliance Officer will maintain such Acknowledgements in the Fund&#8217;s books and records.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 15.95pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 15.95pt;">
<td style="TEXT-ALIGN: right; WIDTH: 95px">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">VIII. &#160;</font></div>
</td>
<td width="1150">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Scope of Responsibilities</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A Covered Officer&#8217;s responsibilities under the Officer Code are limited to:</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(1)&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 style="FONT-STYLE: italic; DISPLAY: inline">i.e.</font>, matters within the scope of the Covered Officer&#8217;s responsibilities as a Fund officer); and</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 99pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(2)&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fund matters of which the Officer has actual knowledge.</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 15.95pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 15.95pt;">
<td style="TEXT-ALIGN: right; WIDTH: 95px">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">IX.&#160;&#160;</font></div>
</td>
<td width="1150">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Recordkeeping</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The DeAWM 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></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 15.95pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0"  width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top" style="LINE-HEIGHT: 15.95pt;">
<td style="TEXT-ALIGN: right; WIDTH: 95px">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">X.&#160;&#160;</font></div>
</td>
<td width="1150">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Confidentiality</font></div>
</td>
</tr></table>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly.&#160;&#160;Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAWM Compliance Officer, the Fund&#8217;s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.</font></div>

<div><br>
<hr>
</div>

<div><a name="ref.ID0EGSAE">&#160;</a><a name="ref.ID0EWBAG">&#160;</a></div>

<div><a name="ref.ID0EESAG"><!--EFPlaceholder--></a>&#160;</div>

<div>&#160;</div>

<div style="LINE-HEIGHT: 15.95pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Appendices</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appendix A:</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">List of Officers Covered under the Code, by Board:</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="28%" style="BORDER-BOTTOM: black 0.75pt solid; TEXT-ALIGN: left">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Financial Officers</font></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Treasurer</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deutsche Funds</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian Binder<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><a href="#">5</a></font></font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paul Schubert</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paul Schubert</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Germany*</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Brian Binder</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paul Schubert</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Paul Schubert</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;December 6, 2013</font></div>

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<div style="LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">5</font> As of December 1, 2013</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appendix B: Acknowledgement and Certification</font></div>

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<div style="LINE-HEIGHT: 18.25pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">Initial Acknowledgement and Certification</font></div>

<div style="LINE-HEIGHT: 18.25pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">of Obligations Under the Officer Code</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Print Name&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Department&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Location&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I acknowledge and certify that I am a Covered Officer under the Deutsche Asset &amp; Wealth Management Principal Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;), and therefore subject to all of its requirements and provisions.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have disclosed any conflicts of interest of which I am aware to the DeAWM Compliance Officer.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I will report any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Signature&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Print Name&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Department&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Location&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone</font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I acknowledge and certify that I am a Covered Officer under the Deutsche Asset &amp; Wealth Management Principal Executive and Financial Officer Code of Ethics (&#8220;Officer Code&#8221;), and therefore subject to all of its requirements and provisions.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have adhered to the Officer Code.</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 DeAWM Compliance Officer in accordance with the Officer Code&#8217;s requirements.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8.&#160;&#160;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.</font></div>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Appendix C:&#160;&#160;Definitions</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Executive Officer</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Financial Officer</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 419pt"><br>
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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Registered Investment Management Investment Company</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registered investment companies other than a face-amount certificate company or a unit investment trust.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Waiver</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A waiver is an approval of an exemption from a Code requirement.</font></div>

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<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Implicit Waiver</font></div>

<div style="LINE-HEIGHT: 12.55pt; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 DeAWM Compliance Officer or the Fund&#8217;s Board (or committee thereof).</font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
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        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">1)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of Deutsche Municipal Income Trust, on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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.</TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 41.4pt">&nbsp;</TD>
    <TD STYLE="width: 40.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 211.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">January 29, 2016</TD>
    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Brian E. Binder</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Form N&#45;CSR Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of Deutsche Municipal Income Trust, on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 45.9pt">&nbsp;</TD>
    <TD STYLE="width: 31.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; margin-left: 0.9pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="width: 209.1pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">January 29, 2016</TD>
    <TD STYLE="width: 262pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.05pt; font-weight: bold; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">Paul Schubert</TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<BODY>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1.</TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of Deutsche Municipal Income Trust, on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &#8220;Report&#8221;) 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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">January 29, 2016</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Brian E. Binder</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1.</TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of Deutsche Municipal Income Trust, on Form N&#45;CSR;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSR (the &#8220;Report&#8221;) 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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">January 29, 2016</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Paul Schubert</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
